25th Jan 2010 12:29
25th January 2010
Jardine Lloyd Thompson Group plc
Acquisition of iimia Wealth Management
Further to the announcement made on 3rd December 2009, JLT today confirms that it has completed the acquisition of the iimia Wealth Management division of Midas Capital plc, being iimia (Holdings) Limited and John K. Miln & Co. Ltd (the Wealth Management Companies) for a cash consideration of £7.25m, subject to adjustment based on the completion balance sheet.
The businesses the Wealth Management Companies are primarily engaged in are the provision of personal financial advice and discretionary portfolio management to private clients, companies, Trusts and Charities in the UK"
In the 6 months to 30 June 2009, the Wealth Management Companies contributed £0.46m to the Midas Capital plc consolidated profit before management charges, amortisation, exceptional items and tax on revenues of £2.9m. The Wealth Management Companies have some £600m funds under advice of which £250m is managed on a DPM basis.
The Wealth Management Companies will be integrated with the existing private client businesses of JLT UK Employee Benefits.
Dominic Burke, Chief Executive of JLT commented: "This acquisition marks another step towards the realisation of the strategic objectives for our UK Employee Benefits business. We aim to be a leading provider of the full range of capabilities required in today's pension and retirement savings marketplace. Pensions and retirement savings remains a key focus of our EB business and it is not our strategy to develop more broadly as a generalist IFA firm. As all aspects of pension arrangements become increasingly a matter of individual choice, the related demand for personal financial advice and discretionary wealth management is bound to grow. Our new colleagues will give us enhanced capacity to meet that demand".
-ENDS-
Enquiries:
Paul Dransfield 020 7528 4444
Head of Group Corporate Communications
Jardine Lloyd Thompson Group plc
Editors' Notes:
Jardine Lloyd Thompson Group plc
Jardine Lloyd Thompson Group plc (JLT) is an international group of Risk Specialists and Employee Benefits Consultants and one of the largest companies of its type in the world. JLT offers a distinctive choice to clients and partners through our combination of independence, scale and specialism.
Jardine Lloyd Thompson Group plc is quoted on the London Stock Exchange and employs 6,000 people worldwide and through JLT Network™ provides services in more than 120 countries.
http://www.jltgroup.com/
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