Russell acquires 600-strong IFA network

Russell Systems Limited is set to acquire the entire share capital of IFA network On-line Partnership Group Limited for an undisclosed sum.

Russell bosses said today’s transaction will enable OLPG’s network of more than 600 advisers to draw on the firm’s “expertise in investment management, and benefit from its resources for training, technology and compliance support”.

Russell said in a statement that it intends to expand the services provided by the network’s members, bringing new resources to bolster its existing investment research, technology and administration capabilities, as well as increasing training opportunities to help advisers better serve clients.

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Russell provides advice, investment solutions and implementation services to thousands of corporate retirement plans, professional investors and financial advisors worldwide.

The FCA has approved the change in control with respect to the transaction.

Greg Stark, managing director of retail and partnerships for the UK at Russell Investments, said: “We have accumulated a deep expertise in providing independent investment advice and multi-asset investing over the course of four decades.

“When we were looking to expand our existing relationships with UK advisers, On-line Partnership Group stood out because of the strength of its business model, the quality of the member base, and its robust compliance culture.”

Kevin McDonagh, group chief executive of the On-line Partnership Group, added that the acquisition is “excellent” for its members.

He said: “Russell Investments shares our principal goal, which is to help advisers run sound and successful businesses for the benefit of investors.

“They have the heritage, resources and experience to invest in our business and enable us to grow. This will allow us to better support our members as they seek to meet the increasingly sophisticated needs of their clients.”

Under the terms of the acquisition, the OLPG’s senior team will remain in place. The commercial terms of the transaction were not disclosed.