Quilter has turned its back on acquisitions and will instead use all its resources to help advisers weather challenges brought about by the coronavirus pandemic, its chief executive has said.
Speaking with FTAdviser advice boss Paul Feeney said Quilter was not currently prioritising an acquisition pipeline, with a focus instead on "stormy seas" ahead in the wake of the virus outbreak.
It follows results published by the advice giant this morning which revealed it had set aside £24m for potential claims made against the recently-acquired Lighthouse by British Steel Pension Scheme members.
The figure is double that originally budgeted by Quilter amid an ongoing enforcement investigation by the Financial Conduct Authority against Lighthouse.
Mr Feeney said: "Our focus right now is on integrating the acquisitions we've made, making sure we look after our clients and advisers, getting the new platform in safely and soundly with a good experience for our advisers and clients - that's our focus right now."
This morning Quilter also confirmed it had increased the estimated budget for its platform migration by £15m to £200m, with the process expected to complete early next year.
Quilter said 80 per cent of its assets were expected to have migrated by the end of 2020, having battled delays earlier this year as a result of the coronavirus pandemic.
Mr Feeney added: "Clearly at some point in time we'll think again about acquisitions, but it's not our priority right now.
"And also we don't know where Covid-19 is right now, we've still got stormy seas ahead of us and our job is to help make sure we support or advisers in helping them navigate clients, and that's where we are going to put all our resources."
The Quilter boss told FTAdviser he was "very satisfied" in how the company's platform migration had progressed and delivering the "vast majority" of the transition eight weeks later than planned despite lockdown was a "result".
rachel.mortimer@ft.com
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