Quilter has divested Lighthouse Carrwood, its advice arm, to consolidator MKC Wealth for an undisclosed amount.
Carrwood will now be rebranded as MKC Wealth.
As part of the deal, which concluded on 1 November 2021, Carrwood employees will join MKC Wealth.
Carrwood was acquired by Quilter as part of its takeover of the broader Lighthouse Group in 2019. It has been part of Quilter Financial Planning unit since then.
Quilter Financial Planning CEO Stephen Gazard said: “As part of Quilter Financial Planning’s integration of Lighthouse into our network and national advice business, we have been carefully exploring the options for Carrwood to ensure the best outcome for clients and employees.
“We are committed to ensuring good client outcomes and we believe MKC Wealth is an excellent home for the business given its focus as an IFA-led advice business.”
MKC Wealth was launched by former Quilter directors Dominic Rose and Nigel Speirs earlier this year with backing from Cabot Square Capital.
The duo plan to expand the business through more acquisitions, which will be integrated into MKC Wealth.
Commenting on the latest deal, MKC Wealth chief executive Dominic Rose said: “Carrwood represents a fantastic fit for MKC Wealth and we have welcomed a number of new colleagues to our business who will thrive with us.
“Our focus remains on only making acquisitions where we feel there is a good cultural fit and at a sensible and sustainable pace.
“We have no interest in being the largest firm, what we care about is our team, our clients and being the safe pair of hands to look after clients from retiring advisers which is our principal focus going forward.”