Nexus IFA has continued its acquisition spree by snapping up Surrey-based Pensionline, its director Phil Frapple has revealed. The deal will raise assets under management at the Somerset-based firm to more than £220m.
Pensionline, founded by Jon Minchin in 1990, was snapped up by Nexus as part of its strategy to capitalise on advisers tempted to retire or close firms post-RDR.
Phil Frapple, director of Nexus, said: “We saw there would be an opportunity to offer IFAs retiring or winding down their involvement in advising, a different solution than simply selling up or closing down.
“This would not only benefit their clients, ensuring the quality and high standards of financial advice were maintained and not leaving them as adviser orphans, while also benefiting the IFAs themselves as we value their continued input as part of our firm.”
This is the 20th acquisition made by Nexus in the last two years. The firm currently has more than 10,000 clients based throughout the UK.