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Multi-tied Intrinsic buys Mint Network but keeps it IFA

Intrinsic Financial Services has bought Mint Financial Services in a deal completed today.

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.”

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The value of an investment and any income from it can fall as well as rise and you may not get back the amount originally invested. Forecasts and past performance are not a guide to future performance. Some information and statistical data herein has been obtained from sources we believe to be reliable but in no way are warranted by us as to their accuracy or completeness. These are Neptune’s views and as such this document is deemed to be impartial research. We do not undertake to advise you of any change to our views.

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