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Quilter agrees deal to purchase Lighthouse

3 April 2019

Quilter and Lighthouse are pleased to announce that they have agreed the terms of a recommended cash offer to be made by Intrinsic for Lighthouse, an AIM listed directly authorised business.

Lighthouse, and Quilter’s advice business, Intrinsic, are highly complementary in structure and focus on delivering good customer outcomes. 

Intrinsic expects the Lighthouse Group's Communities and Wealth advisory channels to join Intrinsic's current adviser network, one of the largest in the UK, supporting over 3,500 advisers.

Lighthouse’s national advisory channels, Lighthouse Financial Advice and Lighthouse Carrwood, display strong alignment with Intrinsic's national advice business and are expected to significantly contribute to the delivery of Quilter's vision to supply high quality controlled advice.

Subject to conditions and approvals the acquisition is expected to complete during the second quarter of 2019.

Paul Feeney, Chief Executive Officer at Quilter, comments:

“At Quilter, our focus is on delivering good client outcomes and that always starts with advice. We are delighted to have agreed a recommended cash offer for Lighthouse and look forward to their advisers joining the Quilter family. 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.”

Andy Thompson, CEO of Quilter’s advice business, Intrinsic, comments:

"Intrinsic and Lighthouse are highly compatible businesses with similar experiences, complementary structures and focus on delivering good customer outcomes. The acquisition presents an opportunity to combine the expertise and capabilities of both businesses to accelerate our ability to provide customers with quality controlled financial advice. I look forward to working with Lighthouse's staff and advisers."

Malcolm Streatfield, CEO of Lighthouse adds:

“Lighthouse has a rich history, having been on AIM since 2000 and moving from its pre-RDR network roots to its position today as an affinity and professional relationship led, multi-channel financial advisory business. We are proud of all Lighthouse has achieved and are excited to continue our journey with Quilter.

“Quilter is a mature and profitable group with considerable scale and demonstrably values face to face advice and appropriate customer outcomes, making it a great home for Lighthouse’s staff, advisers and clients.”

For more information please contact:

Kathleen Gallagher on 07990 004932

Tim Skelton-Smith on 07824 145076

 

Notes to Editors:

About Quilter plc:

Quilter plc is a leading wealth management business in the UK, helping to create prosperity for the generations of today and tomorrow.

Quilter plc oversees £109.3 billion in customer investments (as at 31 December 2018).

It has an adviser and customer offering spanning: financial advice; investment platforms; multi-asset investment solutions and discretionary fund management.

The business is comprised of two segments: Wealth Platforms and Advice and Wealth Management.

Wealth Platforms includes the Old Mutual Wealth UK Platform; Old Mutual International, including AAM Advisory in Singapore; and the Old Mutual Wealth Heritage life assurance business.

Advice and Wealth Management encompasses the financial planning network, Intrinsic; Quilter Private Client Advisers; discretionary fund management business, Quilter Cheviot; and Quilter Investors, the Multi-asset investment solutions business.

The Quilter plc businesses are being re-branded to Quilter over a period of approximately two years:

  • The Multi-asset business is now Quilter Investors
  • Intrinsic to Quilter Financial Planning
  • The private client advisers business is now Quilter Private Client Advisers
  • The UK Platform to Quilter Wealth Solutions
  • The International business to Quilter International
  • The Heritage life assurance business to Quilter Life Assurance
  • Quilter Cheviot will retain its name

This press release is for journalists only and should not be relied upon by financial advisers or customers.

Please remember that past performance is not a guide to future performance. The value of investments and the income from them can go down as well as up and investors may not get back any of the amount originally invested. Exchange rate changes may cause the value of overseas investments to rise or fall.

This communication is issued by Quilter plc.  Registered office: Millennium Bridge House, 2 Lambeth Hill, London EC4V 4AJ, United Kingdom. Registered number: 6404270.  Registered in England.

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