The Succession Group has made two more acquisitions to help it achieve its growth targets, Simon Chamberlain has said.
The chief executive said: “Our target is to acquire the best 50 firms from the membership of Succession Advisory Services by 2017.”
This week, Succession Group completed the purchase of Hertford-based Doe and Davies LLP, trading as Target Wealth Management, for a total consideration of £4.9m.
Doe & Davies joined Succession Advisory Services as a member in 2009. It has £120m funds under management and provides financial advice to private clients, families, business owners, charities and trustees with strong professional connections and clients across the Northern Home Counties, East Anglia and London.
Earlier this month, the independent wealth manager also completed the purchase of West Yorkshire-based LRH Wealth Management for a total consideration in excess of £3m.
LRH Wealth Management, which specialises in generational planning, was founded in 2007 and joined Succession as a member firm in 2010, specifically to boost funds under management.
Keith Lyons, managing director of LRH Wealth Management, said: “Throughout the transition period, all of us at LRH benefitted from the advice, support and training available, providing clients with a richer and more rewarding experience, which has resulted in a 20 per cent increase in FUM.”
This comes as listed advisory firm AFH has bought Edinburgh-based Finlay Gow & Company Limited in a deal worth £675,000. AFH will pay an initial cash sum of £337,500, followed by further deferred payments over the next 26 months, dependent on Finlay Gow’s performance.
