Nottingham-based Intelligent Money Limited’s (IML) business and assets have been acquired by Quai Administration Services Limited, a specialist platform in pension, savings and investment administration services, via a pre-pack transaction.
It comes after Richard Heis and Ed Boyle from Interpath Advisory were appointed joint administrators to IML on 28 May 2024.
All products and approximately c.£1.2 billion of assets under investment have been transferred to Quai’s regulated business, Quai Investment Services Limited, as part of this transaction. In addition, IML’s 15 employees have transferred to Quai.
Separately, IML’s 10,500 qualifying workplace pension scheme (QWPS) clients were purchased by Digital Wealth Systems Limited (Digi), a provider of workplace pensions to both employers and employees. These schemes will be operated by Quai.
IML is a UK Financial Conduct Authority (FCA) Authorised and Regulated product provider. It provides a range of regulated products including SIPPs, ISAs and GIAs, together with the technology, administration and technical expertise for c.20,000 customers, with total assets under management equating to c.£1.4 billion.
The company had recently experienced a number of complaints made to the Financial Ombudsman Service (FOS) which brought rise to compensation claims at a level the company was unable to meet. As a result of these challenges and potential financial liabilities, the directors of the company resolved to place the company into administration.
Richard Heis, Managing Director at Interpath Advisory and joint administrator, said: “We are pleased to have concluded these transactions which safeguard the interests of customers and which secure the long-term future of the business under new ownership.
“We will continue to support the orderly and seamless transfer of all assets to the respective purchasers, who are now the new provider, operator and administrator of IML’s products, ultimately ensuring it remains business as usual for the company’s circa 20,000 clients.”
Interpath Advisory were advised by Gateley in respect of the transaction.
