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Intelligent Money enters administration with key assets sold to digital savings platform Quai

  • 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.

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