Bellpenny has announced it has made its 10 IFA acquisition with purchase of Glasgow-based KM Financial Advisers, which the firm said would kick-start an expansion both north of the border and in northern England in the coming months and years.
The purchase of KMF brings £48m of funds under management and 250 active clients, with assets evenly split between pensions and investment business.
Kevin Ronaldson, chief executive of Bellpenny, said: “This is our tenth acquisition and we are seeing no evidence of a decline in interest and enquiries from prospective IFA sellers.
“The purchase of KMF means that Bellpenny now has a presence in Scotland, England and Wales. The deal establishes a platform for further expansion in Scotland and northern England, and is another important step on our journey to become a truly UK-wide financial planning operation.”
Dominic Rose, acquisitions and sales director of Bellpenny, said: “This deal takes Bellpenny’s post-RDR vision and proposition to new parts of the UK.
“This is good news for IFAs in Scotland and Northern England who are considering selling their business. Even more importantly, it means there’s now a fresh and progressive financial planning alternative for clients in the area.”
Gordon Bannerman, former majority-owner and director of KMF, said: “We have been courted by a number of prospective acquirers both leading up to, and since, the introduction of the Retail Distribution Review (RDR).
“Bellpenny stood out from the crowd with its clear-sighted vision and unwavering focus on client interests. With the UK financial planning sector still in the throes of arguably its biggest-ever upheaval, Bellpenny is shaping up to be one of the outstanding post-RDR success stories.”