Bellpenny has completed the acquisition of Glasgow-based independent financial adviser Reid, Scott and Ross in a deal that involves more than 1,000 active clients and £108m of funds under management.
Kevin Ronaldson, Bellpenny’s chief executive, said that RSR is the third Glasgow-based IFA business it has acquired, following deals with KM Financial Advisers and MGW in the second half of 2013.
“We’re building a formidable presence in the City and surrounding area. Our priority now will be ensure an outstanding experience for RSR clients moving across to Bellpenny.”
Tony Ross and Paul Angell, co-owners of Reid, Scott and Ross, added that “from an IFA owner’s perspective, the whole process of selling the business, from initial contact through to signing on the dotted line, is a well-oiled machine”.
The deal is the consolidator’s 22nd since being established and comes hot on the heels of Bellpenny buying Skipton Building Society’s wealth management unit, Torquil Clark, for an undisclosed sum.
This deal boosted Bellpenny’s assets under management to more than £2.5bn, meaning it is still shy of the £3bn mark.
Completion of the deal is conditional upon regulatory approval. Skipton established Torquil Clark in 2008 to focus on providing financial advice to high net worth clients.
