- Intelligent Money Administration:
- Intelligent Money, a UK-based wealth management company, has entered administration.
- The firm has around 20,000 clients and £1.4 billion in assets under management.
- Financial and regulatory challenges, including complaints and compensation claims, led to its administration.
- Administrators Appointed:
- Richard Heis and Edward Boyle of Interpath Advisory appointed as joint administrators.
- Regulatory restrictions prevented the company from dissipating its assets.
- Directors resolved to place the company into administration due to financial liabilities.
- Acquisition by Quai:
- Digital savings platform Quai acquired the majority of Intelligent Money’s business and assets in a pre-pack transaction.
- Quai obtained key assets, technology, staff, and trustee companies.
- Financial terms of the deal were not disclosed.
- Post-Acquisition Plans:
- Quai retained the entire Intelligent Money team and the Shire Hall offices in Nottingham.
- Immediate recruitment of new staff to handle backlog and improve service levels.
- Clients and advisers will be contacted for further information and future plans.
- Statements from Executives:
- Quai CEO Tony Webb emphasized the stability and continuity of service for Intelligent Money’s clients and the enhancement of technical infrastructure.
- Intelligent Money CEO Julian Penniston-Hill expressed satisfaction with the deal, highlighting the continuity for clients and setting a new industry benchmark.
