Last month it was revealed that JLT was expected to take on all Exeter-based iimia employees with the wealth management business to be integrated with the existing private client business.
The deal sees a minimum initial agreed cash payment of £6.5 million, with further cash payments due of up to £1.8 million, after the determination of the value of the surplus net assets of iWM as at the completion date and includes the release of a £0.25m retention.
JLT is an international employee benefits business. It recently acquired HSBC Actuaries & Consultants for £27m.
In September, Midas Capital sold off Intelli Corporate Finance, its wholly-owned subsidiary, as part of an ongoing drive to streamline the business and shore up its balance sheet.
JLT chief executive Dominic Burke says: “This acquisition marks another step towards the realisation of the strategic objectives for our UK Employee Benefits business. We aim to be a leading provider of the full range of capabilities required in today’s pension and retirement savings marketplace. Pensions and retirement savings remains a key focus of our EB business and it is not our strategy to develop more broadly as a generalist IFA firm.
“As all aspects of pension arrangements become increasingly a matter of individual choice, the related demand for personal financial advice and discretionary wealth management is bound to grow. Our new colleagues will give us enhanced capacity to meet that demand.”
Midas chairman Colin Rutherford says: ““In line with our strategy Midas is now focused on its fund management activities through its Midas and Miton brands. We continue to make significant progress in retiring our debt and preference capital.”