The acquisition of the 300-strong adviser network – which is responsible for more than £4bn of client assets – is conditional upon agreement from Caerus shareholders and regulatory approval, but is expected to be completed in Q2 2017.

Intrinsic currently has 3,300 advisers and the acquisition aims to demonstrate Old Mutual Wealth’s commitment to becoming the UK’s leading wealth manager.

"This is an exciting opportunity for Intrinsic and Old Mutual Wealth to grow its distribution capability,” said Andy Thompson, CEO of Intrinsic.

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“We believe Caerus is a good fit for Intrinsic in terms of the business culture and the profile of its advisers and clients. 

“Along with all my colleagues at Intrinsic, I’m excited to have the opportunity to work with Caerus staff and advisers, subject to the offer receiving shareholder and regulatory approval.”

The Caerus board has unanimously opted to accept Intrinsic’s offer with regards to their own holdings and have recommended the offer to other shareholders.

“Almost 90% of shares are held by people who work in the business,” said Keith Carby, CEO and chairman of Caerus. 

“Their acceptance of the offer clearly demonstrates that it is in their best long-term interests, and the long-term interests of the business.

“The transaction provides both a very good return on investment, as well as enhancing prospects for the future for all concerned, with Old Mutual Wealth undoubtedly becoming a leading force in UK personal financial services.”

Intrinsic’s financial advisers operate across all markets, from wealth management and retirement planning advice through to dealing with property wealth and personal and business protection needs.