Insurance broker Jardine Lloyd Thompson Group (JLT) has acquired the iimia wealth management (IWM) division of Midas Capital for £7.25 million.
Insurance broker Jardine Lloyd Thompson Group (JLT) has acquired the iimia wealth management (IWM) division of Midas Capital for £7.25 million.
IWM specialises in providing personal finance and portfolio management advice to private clients, trusts and charities in the UK. The division generated EBITDA (earnings before interest, tax, interest, depreciation and amortisation) of £460,000 on revenue of £2.9 million in the six months ending June 2009.
Duncan Howorth, CEO of JLT employee benefits, said that the deal would bring 20 professionals to the team, which would more than double the capacity of its private client business.
The deal closely follows JLT’s acquisition of HSBC Actuaries and Consultants in December. In the six months ending June, the group reported an increase in revenue of 16 per cent to £309.7 million, while pre-tax profits were up by 15 per cent to £61.3 million.
