Attivo Group has acquired three financial advice firms as it aims towards its target of £1bn funds under management, Stephen Harper, chief executive, has confirmed.
In January, the Cheltenham-based firm – which is currently responsible for £500m – announced it wanted to manage £1bn by 2017.
As part of this expansion it has acquired West Sussex-based Lord and Company, South West Investment Consultants in Totnes and a Burton-on-Trent advice firm.
These acquisitions give the firm another 560 clients.
Mr Harper said the FCA’s retail distribution review meant larger firms were more likely to do well.
He said: “RDR has made it increasingly difficult for smaller IFAs to continue to service their clients and at the same time, remain profitable.
“We have seen an increasing number of smaller IFAs wanting to leave the market but requiring the reassurance that their clients will be looked after by a premium brand. Attivo can offer full wealth management services.”
These services include chartered financial planning, discretionary fund management, self-invested personal pension and small, self-administered scheme arms supported by Attivo’s client-serving teams.
Mr Harper added: “We have the funds available to acquire smaller IFA firms that are presently 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.”
Background
Attivo Group was founded in 1998 by Stephen Harper.
More than 60 staff are based in its Cheltenham head office and it also has a number of regional offices in London, Bristol, Tunbridge Wells and Manchester.
It now has several subsidiary businesses which specialise in pensions, investments, wealth management and property.
In April, the company completed its acquisition of Middlesex-based Anthony Etkind & Co.
