Lighthouse shareholder expects 11th-hour bids after Quilter's £42m offer

Is the deal cheap?

Cavendish Asset Management fund manager Paul Mumford

Cavendish Asset Management fund manager Paul Mumford

Lighthouse shareholder Cavendish Asset Management expects other suitors to arrive at the 11th hour as it waits to see if Quilter's offer of £42m for the firm is topped.

The asset manager argued Quilter's bid for the 400 adviser-strong firm, which was announced earlier today, was low "for a business with blue-chip clients and good growth potential". It went on to suggest the AIM-listed firm would be ripe for another offer from the likes of Hargreaves Lansdown, Rathbones, Smith & Williamson, or others of that ilk. The deal Quilter has agreed with Lighthouse, which has the backing of the latter's executive and top three shareholders, would see Quilter and its advice arm Intrinsic grow to more than 3,900 financial advisers. Quilter is paying £46.2m in...

To continue reading this article...

Join Investment Week

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now


Already an Investment Week


More on Wealth managers