Caerus chief executive and chairman Keith Carby will leave the business after a “transition period” following Intrinsic‘s takeover of the business.
Earlier today Old Mutual Wealth-owned Intrinsic announced it will acquire the Caerus network in a deal that is expected to complete in the second quarter of this year.
The deal is awaiting agreement from Caerus shareholders and regulatory approval.
Speaking to Money Marketing, Carby, who founded Caerus six years ago, says he wants to pursue other interests that are “not in conflict” with the Old Mutual Wealth deal.
He says: “We have a transition period…but as soon as that is done I will move off to do other things.”
Carby adds: “They have all the resource they need and, at the same time, I have interests that I want to pursue and they are not in conflict with my obligations to Old Mutual Wealth. I wish all concerned well and I am grateful to all of the people I have shared the Caerus journey with.”
Carby said he could not reveal the terms of the acquisition but says Old Mutual Wealth and Intrinsic will be a good fit for Caerus.
He says: “It is a good ending for Caerus. The shareholders are getting a strong return and the advisers and staff can take advantage of the very attractive prospects that there are for Old Mutual Wealth. A business of its scale and what it is able to do and setting out to do, it is exciting for our people.”
Money Marketing understands Caerus has had five serious takeover approaches since it was established in 2010.
In April 2016 Sanlam backed out of plans to acquire a 19.9 per cent stake in Caerus, almost a year after the deal was originally agreed.