UK-based financial advice firm Lighthouse is to be acquired by UK wealth management firm Quilter for £46.2m ($60.8m, €54.1m).
Lighthouse has been AIM-listed since 2000 and will add its around 400 financial advisers to Intrinsic’s existing network of over 3,500.
The deal includes subsidiaries Lighthouse Financial Advice and Lighthouse Carrwood.
The press release included no details about the current leadership team at Lighthouse and how the deal would impact them.
A Quilter spokesperson confirmed to International Adviser that it expects to see a “loss of headcount”, including chief executive Malcolm Streatfield, when the deal is closes in the second quarter of 2019.
Streatfield will remain throughout a transition period before departing.
Compatibility at heart of addition
Commenting on the acquisition, Paul Feeney, chief executive of Quilter, said: “As the advice market consolidates, the strategic acquisition of Lighthouse will help secure Quilter’s position as the place to go for trusted financial advice in the UK.”
His views were mirrored by Andy Thompson, chief executive of Intrinsic, who said: “Intrinsic and Lighthouse are highly compatible businesses with similar experiences, complementary structures and focus on delivering good customer outcomes.”