Acquisition of iimia Wealth Managem
January 25 2010 - 7:29AM
UK Regulatory
TIDMJLT TIDMMDS
RNS Number : 0680G
Jardine Lloyd Thompson Group PLC
25 January 2010
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 GBP7.25m, 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
GBP0.46m to the Midas Capital plc consolidated profit before management charges,
amortisation, exceptional items and tax on revenues of GBP2.9m. The Wealth
Management Companies have some GBP600m funds under advice of which GBP250m 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(TM) provides services in
more than 120 countries.
http://www.jltgroup.com/
This information is provided by RNS
The company news service from the London Stock Exchange
END
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