Intelligent Money enters administration with key assets sold to digital savings platform Quai
UK-based wealth management company Intelligent Money has entered administration, with digital savings platform and product provider Quai stepping forward to acquire its assets and business operations.
Intelligent Money enters administration
Founded in 2002, Intelligent Money is an investment management firm, ISA plan manager and self-invested personal pension (SIPP) provider. The company has around 20,000 clients with around £1.4 billion in assets under management.
According to the Financial Conduct Authority (FCA), the firm officially entered administration on 28 May, with Richard Heis and Edward Boyle of Interpath Advisory appointed as joint administrators.
Interpath Advisory writes that Intelligent Money “had recently experienced a number of financial and regulatory challenges, including a number of complaints made to the Financial Ombudsman Service (FOS) which gave rise to compensation claims at a level the Company was unable to meet”.
“Additionally, regulatory restrictions have recently been placed on the Company which means it is currently unable to dissipate its assets,” it continues.
“As a result of these challenges and potential financial liabilities, the directors of the Company resolved to place the Company into administration.”
A notice on Intelligent Money’s website says that immediately following the appointment of the administrators, “the majority of the business and assets of Intelligent Money Limited (in administration) were sold to Quai Administration Services Limited as part of a pre-pack transaction”.
Announcing the deal, Quai says it has acquired “key assets” from Intelligent Money “encompassing their technology, staff and trustee companies”. The financial terms of the deal have not been disclosed.
Writing on its website, Intelligent Money adds: “Quai has retained the entire Intelligent Money team, together with the Shire Hall offices in Nottingham, and is immediately recruiting new staff to assist with backlog and ensure a speedy return to high standards of service levels.
“We will be contacting all clients and advisers directly to provide further information and look forward to fully introducing ourselves and sharing with you our plans for the future of the Intelligent Money brand.”
Speaking on the deal, Quai CEO Tony Webb says: “This move not only ensures stability and continuity of service for Intelligent Money IFAs and clients but also represents a significant enhancement of our technical infrastructure.”
Intelligent Money CEO Julian Penniston-Hill adds that he is “delighted” with the outcome of the deal, and states that “this new chapter will provide continuity for clients and set a new benchmark in the industry”.
