Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQUE  
Europese Commissie, DG COMP ME RGER REGISTRY, 1049 Brussel,   BELGIË  
 
Tel: +32 229- 91111. Fax: +32 229 -64301. E -mail: COMP -MERGER -REGISTRY@ec.europa.eu.  
  EUROPEAN COMMISSION  
Brussels, 15.06.2021  
C(2021)  4467 final  
PUBLIC VERSION 
Utmost Group Limited  
Saddler’s House 5th Floor  
44 Gutter Lane   
EC2V 6BR  London  
United Kingdom  
Subject : Case M. 10272 -  UTMOST/QUILTER INTERNATIONAL  
Commission decision pursuant to Article 6(1)(b) of Council Regulation 
(EC) No  139/20041 and Article 57 of the Agreement on the European 
Economic Area2  
Dear Sir or Madam,  
1. On 21 May 2021, the European Commission received notification of a proposed 
conc entration pursuant to Article 4 of the Merger  Regulation by which Utmost Group 
Limited (‘Utmost’, United Kingdom), controlled by Oaktree Capital Group Holdings 
GP, LLC (‘Oaktree’, United Kingdom) and Brookfield Asset Management Inc. (‘Brookfield’, USA) acquires  within the meaning of Article 3(1)(b) of the Merger 
Regulation  sole control of the whole of  Quilter International Holdings and Quilter 
International Ireland Designated Activity Company (together, ‘Quilter International’, Ireland)  by way of  purchase o f shares .
3 
2. The business activities of the undertakings concerned are:  
− Utmost is a specialist life assurance group. Through its group companies, Utmost provides (i) international life assurance to high -net-worth and ultra -high- net-
worth individuals, (ii) savings and employee benefit services, and (iii) life 
insurance consolidation services in the UK . Utmost is controlled by Oaktree and 
Brookfield, which both provide asset management services worldwide . 
− Quilter International provides cross -border investment  life assurance solutions  in 
the UK, Europe, the Middle East, Asia and Latin America . 
                                                 
1 OJ L 24, 29.1.2004, p. 1 ( the ‘Merger Regulation ’). With effect from 1 December 2009,  the Treaty on 
the Functioning of the European Union ( ‘TFEU ’) has introduced certain changes, such as the 
replacement of ‘Community ’ by ‘Union’  and ‘common market ’ by ‘internal market ’. The terminology 
of the TFEU will be used throughout this  decision.  
2  OJ L 1, 3.1.1994, p.  3 (the ‘EEA Agreement ’). 
3  Publication in the Official Journal of the European Union No C 210, 3.6.2021, p. 11. 

2 3. After examination of the notification, the European Commission has concluded that 
the notified operation falls within the scope of the Merger  Regulation and of 
paragraph 5(c) of the Commission Notice on a simplified procedure for treatment of 
certain concentrations under Council Regulation (EC) No  139/2004.4 
4. For the reasons set out in the Notice on a simplified procedure, the European 
Commission has decided not to oppose the notified operation and to declare it 
compatible with the internal market and with the EEA Agreement. This decision is 
adopted in application of Article 6(1)(b) of the Merger  Regulation  and Article 57 of 
the EEA Agre ement . 
For the Commission 
  (Signed)  
Olivier GUERSENT  
Director -General  
                                                 
4  OJ C 366, 14.12.2013, p. 5.