UK-based Tavistock Investments has scrapped its strategic partnership with advice firm Lighthouse.

The decision will take effect immediately.

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“This is due to the indefinite postponement of agreed marketing activities as a consequence of Quilter Plc’s takeover of Lighthouse,” Tavistock said in a statement.

Tavistock and Lighthouse first announced their partnership last November.

The partnership was aimed at developing and distributing investment products under Lighthouse’s Luceo brand.

In addition, Lighthouse picked a 5.3% stake in Tavistock.

While announcing the deal, Tavistock CEO Brian Raven called it a “significant development” for the two firms.

Raven stated: “Lighthouse is one of the leading financial advisory businesses in the UK with circa 400 advisers and as the preferred supplier of financial advice to 21 affinity group partners and their aggregate membership of more than 6 million individuals.

“Its selection of Tavistock as its partner to develop further its Luceo Asset Management range of investment solutions, tailored to match and continue to match the client’s agreed risk profile, is a strong endorsement of our expertise in this field.”

The termination of the agreement comes shortly after the announcement of Lighthouse’s acquisition by Quilter.

The Quilter deal is valued at £46.2m.

The deal already secured the green light from Lighthouse shareholders and the Financial Conduct Authority.

The transaction is expected to complete in the second quarter of 2019, and will result in 400 Lighthouse advisers joining Quilter’s advice arm Intrinsic.