CompaniesMay 15 2013

Bellpenny back on the acquisition trail

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In a statement, Kevin Ronaldson, chief executive of Bellpenny, said the deal for an undisclosed sum involved 1700 active clients and £150m of funds under management.

It also encompassed an ongoing referral arrangement for accountancy practice clients.

London-based Price Bailey will have a smaller advisory team which will focus entirely on ultra-high net-worth clients and employee benefits.

James King, partner of 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.”

Mr Ronaldson said: “The deal underpins our belief that the Bellpenny model is very attractive to professional services firms rethinking their approach to financial services. Some, such as Price Bailey, are looking to reshape their wealth management operations, while others have decided to exit the market completely.”


The deal with Price Bailey is the second major acquisition involving accountancy firms that Bellpenny has completed this month, following the purchase of Kent-based Foot Davson Financial Services.

Bellpenny launched in October 2012

The firm is backed by investment house Oaktree and by Oaktree’s portfolio company, Countrywide.