Employee-owned wealth manager and Financial Planner EQ Investors (EQI) has decided to remain independent after rejecting overtures from potential strategic partners.

The London-based company had been considering significant changes to its ownership including being sold to a larger business.

It has been talking to different organisation for several months but today said that it would not proceed with discussions.

In a statement the firm said: “EQ Investors (EQ) has concluded that remaining independent is the best option for its clients, colleagues, and shareholders after considering a potential strategic relationship with several interested parties.”

The company was acquired by entrepreneur John Spiers, currently chairman, in 2014.

In April it was revealed he had engaged a corporate finance adviser to provide guidance on future ownership strategy.

Mr Spiers said in a statement that his original plan had been to retain ownership indefinitely, with shares eventually passing to a charitable donation on his death. However in April he said he believed there may be “significant drawbacks” to this strategy.

Mr Spiers said he believed that AI could be a force to drive huge change in business and it might provide “enormous opportunities” for EQI to pursue. Because of those factors he said that an “organisation with larger resources can help us to capitalise on these even more effectively.”

Today EQ confirmed it would continue to pursue market opportunities as an independent firm.

The firm said: “EQ is strongly positioned to pursue its organic growth strategy and take advantage of the market opportunity available, while focusing on internal innovation and adhering to its core values.”