Intrinsic, the IFA company that is part of Old Mutual Wealth, has announced it has completed the acquisition of Caerus Capital Group (Caerus) adding more than 300 advisers to its growing network.
As a result of the deal being completed well-known industry figure Keith Carby, known to many as the former boss of UK IFA firm Inter-Alliance and the current Caerus chief executive, will leave the business.
Caerus managing director, Andy Ferns, will stay with the company to support a smooth transition to Intrinsic.
It was originally announced in February that the Caerus board had unanimously accepted an offer from Intrinsic and recommended the offer to other shareholders.
Intrinsic said in a statement earlier today that it was pleased to confirm that the agreement has now received shareholder and regulatory approval. The acquisition will see the Caerus network become a wholly-owned subsidiary of Intrinsic, with Caerus advisers adopting the Intrinsic advice process over a phased transition, which will be managed on a firm by firm basis.
The acquisition sees Old Mutual Wealth build on its controlled distribution strategy in the UK by adding a further 300 financial advisers to the Intrinsic network, the company said. In total, around 3,700 advisers are now authorised through Intrinsic.
Since joining Old Mutual Wealth in 2014, Intrinsic has invested in the growth of the network and the wider financial planning sector. That has seen the business continue the integration of Positive Solutions, acquired in 2013, and absorb over 200 advisers departing Sesame Bankhall Group,
It has also launched Old Mutual Wealth Private Clients Advisers, the national financial planning business. And it has supported the recruitment and training of new advisers through the Financial Adviser School.
Outgoing Caerus chairman and CEO, Keith Carby, said: “I’d like to thank all our staff and advisers who have built Caerus and helped make it what it is today. The transaction is testament to the quality of what they’ve produced and confirmation of its value.”
Intrinsic chief executive, Andy Thompson, welcomed the staff, advisers and clients of Caerus into the Intrinsic network. He said: “Caerus has grown to become one of the most highly-regarded networks in the industry, and we now have a fantastic opportunity to continue our growth together.
“I’d also like to thank Keith Carby for the remarkable contribution he has made to Caerus and for giving Intrinsic the opportunity to continue that work.”