The two advice businesses will be rolled together with Quilter Cheviot and Old Mutual's multi-asset business, which will become Quilter Investors, in a new "advice and wealth management" business line.
The company will be split into two divisions: advice and wealth management, including Intrinsic and Old Mutual Wealth Private Client Advisers, and wealth platforms, which will include the United Kingdom platform and Old Mutual Wealth's worldwide business.
It said the businesses within these two sections will be rebranded to Quilter over a two-year period following the separation from Old Mutual. Clients will not be affected, it added.
Old Mutual's higher end advice business, Private Client Advisers, will also rebrand as Quilter Private Client Advisers.
India Advances Launch Of Euro-VI Fuels For Smog-hit Delhi
The decision to impose BS VI norms will make cars, sports utility vehicles (SUVs), trucks and buses more expensive. It says this step is expected to help mitigate the problem of air pollution in NCT of Delhi and surrounding areas.
Wealth Platforms will include the UK Platform, which will become Quilter Wealth Solutions, and Old Mutual Wealth's International business, which will become Quilter International. Thirdly, the Heritage life assurance business will be rebadged Quilter Life Assurance.
As Old Mutual Wealth confirmed its future plans followed the split, rumours still swirled around the potential buyout of Old Mutual Global Investors with a number of firms, as well as CEO Richard Buxton, rumoured to be bidding to take on the business. However, having individually strong businesses is not enough by itself to drive success. "We believe that we have a compelling investment opportunity as we continue to deliver strong and sustainable returns for shareholders in our own right as a fast-growing, independent and publicly listed company".
Old Mutual Wealth chief executive Paul Feeney will make a presentation to investors and analysts on the company's strategic direction and growth prospects.
Work on determining the future of the single strategy business is still ongoing, it said.
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