Today, Utmost Group (“Utmost”) announced the planned closure of AAM Advisory Pte Limited (“AAM”), a wealth management and advisory firm based in Singapore.
Utmost acquired AAM as part of the acquisition of Quilter International in 2021. Utmost has now completed a strategic review of the AAM business and determined that, because our focus is on partner-led distribution rather than building our own, closure and de-authorisation is the preferred strategic outcome.
Commenting on the announcement, Paul Thompson, Utmost Group CEO, said:
“The closure of AAM will allow Utmost International to focus on growing our core wealth solutions business and enable us to focus on the continued development of our proposition. Our strategy is built on partner-led distribution and, in 2021, we distributed our products through over 800 distribution partners globally.
“Singapore is a key strategic market for insurance-based wealth solutions. The Group remains committed to growing its presence here, as well as in the wider Asia region, where we continue to develop attractive propositions for affluent and HNW clients.
“We are grateful to the AAM staff for their hard work over the years and to our clients for their business, and we will work closely with those who are impacted by this decision to ensure a smooth transition.”
AAM manages over S$800m of assets under advice, principally in third party products, on behalf of over 4,000 clients. It is expected that the closure will be finalised in 2023.
For further information, please contact:
Utmost Group plc
Anne Marie Shepherd, Head of Strategy and Corporate Affairs
Tel: +44 (0)203 861 4347 / Email: firstname.lastname@example.org
Temple Bar Advisory
Alex Child-Villiers / William Barker
Tel: +44 (0)20 7183 1190 / Email: email@example.com
About Utmost Group plc
Utmost Group plc is a leading provider of insurance and savings solutions. Its principal businesses are Utmost International and Utmost Life and Pensions, which together are responsible for approx. £57.6bn of primarily unit linked policyholder assets for around 550,000 customers. Utmost Group plc is subject to Group Supervision by the PRA.
About Utmost International
Utmost International is a leading provider of insurance-based wealth solutions. Utmost International operates across the UK, Europe, Latin America, Asia and the Middle East. Its solutions are based on unit linked insurance policies. Utmost International manages approx. £52bn assets under administration on behalf of 210,000 policyholders and wrote £4.8bn of new business in 2021.