Utmost Group  said on 18 October that it planned to close AAM Advisory, the wealth management and advisory firm based in Singapore.

In a statement, Utmost said it 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, mainly in third party products, on behalf of over 4,000 clients.

It is expected that the closure will be finalised in 2023, Utmost further said.