Welsh adviser boosts assets to £170m with fresh acquisition
Advisory firm Portfolio Financial Consultancy has concluded a deal to acquire the assets of another Welsh advisory business, Barrett Bright Ltd.
Gareth Jones, business operations manager for PFC, which has offices in Swansea and Pontypool, said the deal would consolidate £10m of assets under management, giving the firm £170m in AUM.
Mr Jones said: “PFC has been working closely with Barrett Bright for a number of years to enable a structured integration of clients into PFC while creating an appropriate exit strategy for Barrett Bright, which is now complete.
“PFC will continue with its acquisition strategy, assisting firms and one-man bands with long and short-term exit strategies along with recruitment of quality advisers.”
He said the focus of the firm was now towards giving high-level client support, although he said PFC recognises that, in the Retail Distribution Review world, it is vital to have the right staff in place.
At the moment, PFC has 10 support staff and, Mr Jones added, “good quality management resources”.
PFC was established in 1999 and offers advice on investments and savings, retirement planning, mortgages, protection, inheritance tax advice and trust planning.
It has five employed advisers and holds discretionary fund management qualifications.