Old Mutual has completed the sale of Old Mutual Wealth Italy to Phlavia Investimenti, which is owned by private equity house Cinven.
The sale, announced yesterday, represents the final part of the firm’s retreat from continental Europe. Old Mutual Wealth will focus on the UK and cross border markets.
Old Mutual Wealth Italy was established in 1997. The business employs 110 people and manages €7 billion for more than 53,000 affluent and high-net-worth customers.
For the year ending December 31, 2015, the post-tax adjusted operating profit was €22 million.
Old Mutual Wealth Italy is an independent unit linked provider in the financial adviser market and also has a presence in the banking channel.
“Whilst we are sorry to lose our colleagues from Old Mutual Wealth Italy, we believe their growth prospects will be enhanced under the new ownership,” said Paul Feeney, chief executive officer of Old Mutual Wealth.
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