Quai, an established digital savings platform, and product provider, has bought key assets from wealth management firm Intelligent Money, including its technology, employees, and trustee firms.

This move assures a seamless change for all clients, assets, and services, demonstrating Quai’s commitment to the wealth management industry.

With this acquisition, Quai now manages £2bn ($2.5bn) in assets under administration (AuA) and an additional 40,000 SIPP accounts.

The action follows Quai’s collaboration with WealthOS to provide digital capabilities that are scalable for wealth tech customers.

CEO, Quai, Tony Webb, stated: “This move not only ensures stability and continuity of service for Intelligent Money IFAs and clients but also represents a significant enhancement of our technical infrastructure. With our deep expertise in all aspects of SIPP, ISA and GIA provision, we are positioned to deliver exceptional service to our expanded client base. The transition will also be supported by Quai’s robust platform technology, which handles over 22 million transactions a year, ensuring a stable and reliable service for account holders.

 “Moreover, this acquisition marks a milestone for us, increasing our headcount by 50% and allowing us to further strengthen our team. Quai has been in this market for 13 years and with established SIPP solutions and strong client-focus, there is a natural alignment between the two firms. Together with Intelligent Money’s experienced team, we’re committed to upholding the high standard of service that our clients expect, and we’re eager to explore new opportunities for growth and innovation in the wealth management sector.”

 Julian Penniston-Hill, CEO, Intelligent Money, added: “I am delighted that the Intelligent Money legacy is continuing under Quai’s stewardship with all the benefits this brings. Our team is enthusiastic about joining forces with Quai and expanding upon the already comprehensive services that they offer. This new chapter will provide continuity for clients and set a new benchmark in the industry.”