JLT acquires iimia Wealth Management

Acquisition expands JLT's Private Clients Business and introduces Discretionary Portfolio Management

25th January 2010, London: JLT Group will strengthen its position and add significantly to its expertise and capabilities in the Private Clients market through the acquisition of the companies within the iimia Wealth Management division (iWM) of Midas Capital plc. iWM is a leading private client consultancy and Discretionary Portfolio Management (DPM) business.

JLT has long provided financial advice to private clients but has recently seen more demand in this area as defined benefit schemes reduce and more people are encouraged to seek Personal Pension arrangements in their place.

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".

Duncan Howorth, CEO, JLT UK Employee Benefits, says, "iWM's team of 20 financial advisers will more than double the capacity of our private clients business, giving us the critical mass to further enhance our processes and our offering.  The acquisition of iWM will also introduce Discretionary Portfolio Management capability to JLT EB. As more and more people move from occupational pension schemes into the personal pension environment, the demand for DPM service will increase. The DPM offering is also more compatible with current thinking as to appropriate future remuneration structures for private client advisers than the traditional commission arrangements.

"We are delighted that a team of the quality of iWM should be joining JLT.  We see a bright future for our enlarged private clients business, which will now also include Premier Pensions, JLT's SSAS and SIPP Administration operation. We also welcome Karen McCaffrey, CEO of iWM, who takes overall responsibility for the enlarged private clients division within JLT Benefit Solutions".

iWM have some £600m funds under advice of which £250m is managed on a DPM basis.

--ENDS--

 

Enquiries:

Jardine Lloyd Thompson Group plc

Paul Dransfield

Tel: 020 7528 4444

Paul_dransfield@jltgroup.com

 

Editor's 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 6000 people worldwide and through JLT NetworkTM provides services in more than 120 countries.



Contact Details

Isabella Young

Head of Communications & Marketing

JLT Re
The St Botolph Building
London, EC3A 7AW
[T]: 020 7558 3387