Intrinsic Financial Solutions has acquired adviser business Positive Solutions (PosSol) from Aegon for an undisclosed sum.
PosSol has nine UK offices including Edinburgh and Glasgow, while Intrinsic has four, with a network of around 2,150 advisers. Together the group will have more than 3,000 advisers.
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Post acquisition, the Positive Solutions brand will remain and its senior management team, including chief executive Peter Coleman, will continue to run the business. The transaction is expected to close in the third quarter of 2013.
Once the deal is completed Intrinsic will become the shareholder of Positive Solutions, whilst Aegon will acquire an equity stake in Intrinsic as part of the transaction.
Aegon bought a 60% stake in PosSol in 2002 from chief executive David Harrison and bought out the remaining 40% in 2005 from staff, directors and IFAs in a deal that valued the company at £163 million.
Aegon said it had no plans to sell its other advisory business Origen.
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