LONDON (Alliance News) - Tavistock Investments PLC said Thursday it had terminated its strategic alliance with Lighthouse Group PLC because of the GBP46 million acquisition of the Lighthouse by Quilter PLC.
In November, Lighthouse invested GBP1.0 million in fund manager Tavistock through a share placing amid an alliance which saw Lighthouse - a financial advisory firm - gain access to the investment solutions offered by Tavistock.
On Thursday, Tavistock announced it had terminated the alliance following the "indefinite postponement of agreed marketing activities" due to the GBP46.2 million cash acquisition of Lighthouse by Quilter announced in early April.
Shares in Tavistock were 3.3% lower at 2.95 pence on Thursday, Lighthouse 1.5% lower at 32.76 pence.
Tavistock (TAVI)
Quilter (QLT)