IFA Ascot Lloyd Financial Services has acquired wealth manager PFP Group to create a nationwide independent wealth management firm, for an undisclosed consideration, FTAdviser can reveal.
The combined entity will be branded Ascot Lloyd and will manage client assets of £2.2bn, and has 168 staff based in 10 locations across the UK.
Ascot Lloyd said the enlarged firm will provide financial planning services for personal and corporate clients incorporating the use of protection products, investment products, pension planning and tax planning.
Additionally, PFP Benefit Solutions, which provides pensions administration and employee benefit services, will enhance Ascot Lloyd’s employee benefits division.
Ascot Lloyd said that the move strengthens its position as one of the UK’s largest independent financial adviser firms, which is operating from London, Manchester, Wokingham, Cardiff, Rickmansworth, Harrogate and Wolverhampton.
Richard Dunbabin, chief executive at Ascot Lloyd, said: “As a group we are acquisitive. We believe the need for high quality independent financial advice has never been greater.
“We will enhance and grow our national footprint by offering independent financial advice to all segments of the market, from the high net worth to those with smaller portfolios.”
Pat O’Hara, managing director of Ascot Lloyd said: “The strengths and service offerings of both businesses complement each other perfectly and will allow us to extend the range of services and investment solutions to a broader client base.
“The growth in our employee benefits offering, including PFP’s master trust facility, will result in significant additional opportunities for both the private client and corporate client sides of the business.”
Ross Hyett, managing partner of the PFP Group, who will join the board of Ascot Lloyd, said: “This is an exciting stage in the development of the PFP business. Joining Ascot Lloyd will allow us to expand and develop the range of services we offer, creating exciting opportunities for clients and staff.”
In September this year, IFG Group revealed it was paid £2.5m by Ascot Lloyd Financial Services for IFG Financial Services, part of a trio of “traditional IFA businesses” sold to the company in a £9m deal earlier that year, despite it making it a loss.
The initial sale consideration of the business was £2.5m, which IFG confirmed on 8 September 2014 had been received.
Ascot Lloyd announced in March last year it would buy a trio of UK IFA businesses from Sanderson House and James Hay IFG Group for an initial consideration of £3.5m, and at that time, it was reported that the deal could be worth in excess of £9m.
At that time, FTAdviser reported that IFG Financial Services Limited, John Siddalls Limited and Berkeley Jacobs Limited would merge with Wokingham-based Ascot Lloyd’s existing IFA business.
ruth.gillbe@ft.com
