Independent financial adviser Bellpenny has completed two more transactions involving IFA businesses, including the acquisition of a Cambridge-based company jointly owned by accountants Price Bailey and Ashton KCJ Solicitors
Cambridge firm Ashton KCJ Financial Planning LLP had around £60m of funds under management.
Dominic Rose, Bellpenny’s acquisitions director, said: ‘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. ‘
Bellpenny’s other purchase is that of Horsham-based IFA, Principals in Practice Limited (PIP) and involves £90m of funds under management.
The two latest deals bring combined funds under management of over £150m and more than 500 active clients. This takes Bellpenny’s total number of acquisitions since launch in 2012 to 32.
Rose said: ‘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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