CEO Andy Thompson would not comment on the industry speculation that Intrinsic was planning to buy Tenet but said he had met Martin Greenwood, Tenet’s CEO, on many occasions.
Intrinsic was acquired by Old Mutual in February 2014. At the time of purchase, Intrinsic was reported to have a combination of around 3,000 restricted and independent financial advisers on its books.
Old Mutual is a wealth management business which, among other services, now distributes financial advice through the Intrinsic network. When Old Mutual acquired the network, its CEO Paul Feeney said it wanted to improve access to wealth management services across the UK . He said as one in 10 advisers belonged to the Intrinsic network the acquisition put Old Mutual in a better position to achieve its goal.
Tenet Group provides support for appointed representatives and directly authorised advisers in the wealth management and mortgage advice markets.
