Old Mutual Wealth-owned network Intrinsic has completed the deal to buy Caerus following shareholder and regulatory approval.
The acquisition was agreed in February and 300 advisers to Intrinsic, taking the network’s total adviser numbers to around 3,700.
Caerus chief executive Keith Carby will now leave the business following the deal’s completion, as revealed by Money Marketing.
Both Carby and Old Mutual Wealth chief executive Paul Feeney have dismissed claims that Caerus was acquired for a nominal sum of £1.
Caerus advisers join Sesame Bankhall members and Positive Solutions advisers which all now sit under the Intrinsic brand.
Caerus managing director Andy Ferns will stay to support the transition to Intrinsic.
Outgoing Caerus chief executive Keith Carby says: “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 and Old Mutual Wealth now offer them the opportunity for even greater success. I wish all concerned the very best.”
Intrinsic chief executive Andy Thompson says: “I’m delighted to welcome the staff, advisers and clients of Caerus into the Intrinsic network.
“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.”