UK-based Tavistock Investments has scrapped its strategic partnership with advice firm Lighthouse.

The decision will take effect immediately.

“This is due to the indefinite postponement of agreed marketing activities as a consequence of Quilter Plc’s takeover of Lighthouse,” Tavistock said in a statement.

Tavistock and Lighthouse first announced their partnership last November.

The partnership was aimed at developing and distributing investment products under Lighthouse’s Luceo brand.

In addition, Lighthouse picked a 5.3% stake in Tavistock.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

While announcing the deal, Tavistock CEO Brian Raven called it a “significant development” for the two firms.

Raven stated: “Lighthouse is one of the leading financial advisory businesses in the UK with circa 400 advisers and as the preferred supplier of financial advice to 21 affinity group partners and their aggregate membership of more than 6 million individuals.

“Its selection of Tavistock as its partner to develop further its Luceo Asset Management range of investment solutions, tailored to match and continue to match the client’s agreed risk profile, is a strong endorsement of our expertise in this field.”

The termination of the agreement comes shortly after the announcement of Lighthouse’s acquisition by Quilter.

The Quilter deal is valued at £46.2m.

The deal already secured the green light from Lighthouse shareholders and the Financial Conduct Authority.

The transaction is expected to complete in the second quarter of 2019, and will result in 400 Lighthouse advisers joining Quilter’s advice arm Intrinsic.