Bellpenny’s chief executive said the deal would add £141m in funds under management to its balance sheet, taking the total FUM to £1.25bn, and the total number of advisers in the UK to 36.
The firm, which was established in 2012 with backing from private equity and global investment manager Oaktree, was placed 51st in Financial Adviser’s top 100 firms of 2013, registering gross sales of £140m, according to data from Matrix Solutions.
MGW, which employs four planners and services clients based predominantly in central Scotland, is the second Glasgow-based IFA to be acquired this year by Bellpenny, following a £48m deal for KM Financial Advisers in August.
Two of MGW’s financial planners and one paraplanner will move over to Bellpenny.
Mr Ronaldson said: “Following our recent purchase of KM Financial Advisers, the MGW deal further strengthens our position in Scotland.
“It is a testimony to the energy and professionalism of the whole Bellpenny team that we have been able to sustain such strong deal-making momentum, while also maintaining our operational rigour and strong service ethic on behalf of a rapidly-growing client base.”
Brian McKenna, the former managing director and majority shareholder of MGW, said: “We have had many overtures from prospective purchasers in the past but Bellpenny nailed its colours to the mast from day one with a stated aim to become the UK’s most trusted financial advice brand.”
| Background |
In October Mr Ronaldson claimed that a greater number of advisers were looking to leave the sector post-RDR than first expected. He said: “We’re talking to several other professional services firms that are now rethinking their wealth management strategies as we approach the first anniversary of RDR.” |
