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Johannesburg - Old Mutual Wealth, the UK wealth management business of Old Mutual on Friday completed the acquisition of the financial adviser network, Caerus Capital Group.

Old Mutual Wealth first announced the proposed acquisition in February this year, but the deal was subject to a number of conditions, including shareholder agreement and regulatory approval.

"The offer has now received approval from the regulator and remaining shareholders following the unanimous decision of the Caerus Board to accept the offer with regards to its own holdings," Old Mutual said in a JSE announcement. Caerus consists of more than 300 advisers who are responsible for more than £4 billion of assets under advice.

The South African financial services group said the acquisition of Caerus would complement Old Mutual Wealth's existing controlled distribution footprint in the UK. Old Mutual Wealth's footprint in the UK includes Intrinsic, and Old Mutual Wealth Private Client Advisers, the branded national adviser firm established in 2015.

The Caerus acquisition by Old Mutual Wealth follows its stated intent in 2016 to acquire further scalable advice businesses to grow its controlled distribution capability.