The acquisition, for an undisclosed sum, sees multi-tie network Intrinsic supporting its own multi-tie network of 1,250 advisers as well as the 240 IFAs that are appointed representatives of Mint.
Mint will continue as a brand and will be run as a separate entity and the adviser contracts will remain with Mint.
Chief executive Paul Gains and the other members of the Mint management team will retain their roles. It is still to be decided whether Gains will take a seat on the board at Intrinsic.
Intrinsic group chief executive Kevin Ronaldson says while his multi-tie is seen as successful there is too much to gain in the IFA space.
He says: “This was an opportunity too good to miss. We are not swallowing Mint into Intrinsic though. We are very pleased with our multi-tie but the IFA will always exist going forward and we would like to be a part of that. We see professional face-to-face advice as the way of the future.”
He says Mint was the only one in the frame, with a good cultural fit between the two businesses.
Mint chief executive Paul Gains says “This is great news for Mint and its network of professional IFAs. I look forward to working with Kevin and the team. I have no doubt that with Intrinsic’s backing Mint will continue to flourish and become an increasingly powerful force in our market.”