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Interpath Advisory has completed the sale of Intelligent Money Limited (IML) to Quai Administration Services Limited (‘Quai’), a specialist platform in pension, savings and investment administration services, via a pre-pack transaction.
The news comes after IML appointed Richard Heis and Ed Boyle as joint administrators on 28 May 2024.
All products and approximately £1.2bn 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 been 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.
Based in Nottingham, 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.£1.4bn.
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 group resolved to place the company into administration.
Although IML is in administration, it remains an FCA authorised firm and is still subject to the FCA rules. The rights of any SIPP, ISA or GIA customers to make a claim against IML to the Financial Services Compensation Scheme (FSCS) are also unaffected.
Interpath Advisory was advised by Gateley in respect of the transaction.
Heis 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.”
