Bellpenny increases FUM by over £150m
National wealth manager Bellpenny announced today that it has completed two more transactions involving IFA businesses, bringing combined funds under management of over £150m and more than 500 active clients.
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This takes Bellpenny’s total number of acquisitions since launch to 32.
The acquisition of Cambridge-based IFA, Ashton KCJ Financial Planning LLP, encompasses around £60m of funds under management. The business was jointly owned by Ashton KCJ Solicitors and Price Bailey LLP.
The second purchase is that of Horsham-based IFA, Principals in Practice Limited and involves £90m of funds under management.
Bellpenny’s Acquisitions Director, Dominic Rose, commented:
“From outset, we anticipated that our model would have particular appeal to professional services firms looking to recalibrate their approach to financial services, and the Ashton KCJ deal is yet another example of this.
“PIP is a slightly larger business, but shares several characteristics with Ashton KCJ including the high quality of its client base, its affluent catchment area and a similar average portfolio size.
“Clients coming to us from both acquired businesses will continue to benefit from face to face service from financial planners based in their local area.”
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