Quilter has completed its acquisition of national advice company and network Lighthouse, in a deal worth £46.2m.
The wealth manager made the announcement today (June 12) following a successful bid which was voted in by Lighthouse shareholders last month.
Quilter paid £42.2m for the deal, with the remainder of the offer sourced from Lighthouse's excess cash on its balance sheet.
Lighthouse chief executive Malcolm Streatfield will now report to Andy Thompson, chief executive of Quilter’s advice businesses, although it had previously been said he would leave the business.
The two companies confirmed they would be "working closely" on their integration plans over the coming months.
Quilter chief executive Mr Thompson said: "I’m delighted to welcome the clients, advisers and staff of Lighthouse to Quilter and Intrinsic.
"Since the announcement of our offer we’ve had an opportunity to work a little more closely with Lighthouse to better understand their culture, operations and model.
"We are excited to continue to grow that understanding and work together, taking the best of both businesses, to become a stronger combined business."
Mr Streatfield said the transaction was "testament to the quality" of what Lighthouse’s staff and advisers had produced.
He said: "Quilter and Intrinsic now offer us the opportunity for even greater success.
"We look forward to working hand in hand with Quilter and Intrinsic as we become one business and ensure that integration takes place at the right time for the business.
"We aim to keep interruption to normal business activities to an absolute minimum for clients, advisers and staff."
The acquisition will see 400 advisers join Quilter's advice arm Intrinsic, meaning the wealth manager will have 3,900 advisers - as many as St James's Place.
What do you think about the issues raised by this story? Email us on firstname.lastname@example.org to let us know.