National wealth management group Attivo has today (23 October) announced it is accelerating towards its target of £1bn in funds under management with the acquisition of a further three IFA businesses.
The Cheltenham-based firm has acquired Worthing-based Lord and Company (Financial Advisors) Ltd, South West Investment Consultants in Totnes, and an unnamed IFA firm in Burton-on-Trent, adding an additional 560 active clients.
In January Attivo announced a new consolidation and acquisition strategy, aiming to acquire six IFA firms this year and 12 firms in 2015 to reach its £1bn Fum target by end of 2017.
Stephen Harper, chief executive of Attivo Group, claimed that the Retail Distribution Review has made it increasingly difficult for smaller IFAs to continue to service their clients and remain profitable.
“We have seen an increasing number of smaller IFAs wanting to exit from the market but requiring the reassurance that their clients will be looked after by a premium brand.”
Attivo is a vertically-integrated firm which offers wealth management services including chartered financial planning and discretionary fund management, and also has a self-investment and small self-administered pension arm.
Mr Harper added that Attivo has the funds available to acquire smaller IFA firms that are being overlooked by the larger consolidators.
“It takes a huge amount of resources to complete the appropriate due diligence required to take on client banks, and quite simply, larger consolidators do not find it worth their while to look at IFAs with smaller funds under influence.
“We set out bold targets in January and we are confident that we will meet our objectives,” he added, mentioning the appointment of John Hayden in June as distribution director.
peter.walker@ft.com
