400 advisers move to Quilter and its advice arm Intrinsic Financial Services
Life company and advice giant Quilter has completed its £42.2m acquisition of AIM-listed adviser firm Lighthouse.
The completion of the deal has seen some 400 advisers move to Quilter and its advice arm Intrinsic Financial Services, bringing the total number of advisers at the business to more than 3,900.
The scheme of arrangement through which the acquisition is being implemented received court approval on Monday 10 June, when all outstanding options under Lighthouse's long-term incentive plan were exercised by their holders to the tune of around £4m.
Lighthouse CEO Malcolm Streatfield will now report to Andy Thompson, CEO of Quilter's advice businesses. Quilter said it would be working closely on integration plans with Lighthouse over the coming months and would update the market on progress "in due course".
Thompson said: "I'm delighted to welcome the clients, advisers and staff of Lighthouse to Quilter and Intrinsic. Since the announcement of our offer we've had an opportunity to work a little more closely with Lighthouse to better understand their culture, operations and model.
"We are excited to continue to grow that understanding and work together, taking the best of both businesses, to become a stronger combined business."
Streatfield said Lighthouse aimed to keep any interruption to normal business activities to a minimum for clients, advisers and staff during the integration process.
"This transaction is testament to the quality of what Lighthouse's staff and advisers have produced and confirmation of its value," he added. "Quilter and Intrinsic now offer us the opportunity for even greater success."
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Completes first part of integration
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