Adviser firm Bellpenny today announced the acquisition of a book of clients and funds under management from Price Bailey Financial Planning Ltd, the IFA arm of Price Bailey Chartered Accountants.
The deal involves 1,700 of PB’s active clients and funds under management of £150m. It also includes an ongoing referral arrangement for accountancy practice clients.
Following the deal, Price Bailey will shrink its adviser team following the deal and the remaining advisers will focus entirely on ultra-high net worth clients and employee benefits.
James King, partner at Price Bailey, said: “The partners of Price Bailey concluded that, in light of the [Retail Distribution Review], the optimum structure for our financial services practice is a smaller operation, focused on very high net worth clients.
“The deal with Bellpenny is right for our clients and makes good commercial sense for Price Bailey both now and moving onwards.”
The deal with Price Bailey is the second major acquisition involving accountancy firms that Bellpenny has completed this month, following the purchase of Tunbridge Wells-based Foot Davson Financial Services.