Bellpenny has bought the IFA arm of firm Price Bailey, its second accountancy practice financial services deal in a week.

The latest purchase sees 1,700 of Price Bailey's active clients and funds under management of £150m move to the national wealth manager and IFA acquirer. Last week Bellpenny bought the IFA arm of Tunbridge Wells-based firm Foot Davson.

Price Bailey says it will now re-shape its approach to financial services, focusing on ultra-high-net worth clients and employee benefits services, with a smaller advisory team based in its Mayfair and City of London offices, while Bellpenny will look after its regional clients.

The decision comes after changes to the regulatory environment announced in the Retail Distribution Review (RDR) which means financial advisers will move to a fee-based system and a different charging structure.

James King, partner at Price Bailey said: 'In light of the RDR, the optimum structure for our financial services practice is a smaller operation, focused on very high net worth clients. The deal with Bellpenny is right for our clients and makes good commercial sense for Price Bailey both now and moving forwards.'

Bellpenny's acquisitions and sales director, Dominic Rose, said the Price Bailey deal marked the firm's seventh acquisition since RDR took effect and described the pipeline for the coming months as 'extremely healthy'.