Old Mutual Wealth-owned advice network Intrinsic has agreed to acquire financial adviser network Caerus for an undisclosed sum.
Caerus has 300 advisers and over £4bn of assets under advice. It has offices in Swindon and Manchester.
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The deal is slated to close in the second quarter of 2017, subject to shareholder and regulatory approvals.
Intrinsic CEO Andy Thompson said: “We believe Caerus is a good fit for Intrinsic in terms of the business culture and the profile of its advisers and clients.”
The board members of Caerus have already accepted the deal and recommended it to other shareholders.
Caerus CEO and chairman Keith Carby said: “Almost 90% of shares are held by people who work in the business. Their acceptance of the offer clearly demonstrates that it is in their best long-term interests, and the long-term interests of the business.
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By GlobalData“The transaction provides both a very good return on investment, as well as enhancing prospects for the future for all concerned, with Old Mutual Wealth undoubtedly becoming a leading force in UK personal financial services.”
The latest deal comes after financial services group Sanlam backed out of a deal to buy a 19.9% stake in Caerus.
