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Bellpenny snaps up 16th IFA business

The latest acquisition brings £21m of funds under management to Bellpenny, with most PCFS clients living in the Essex area.

Kevin Ronaldson, chief executive of Bellpenny, said: “We look forward to helping clients of PCFS build and maintain highly effective long-term financial plans.”

Former majority shareholder of PCFS John Keesing added: “My thanks to Kevin and his team for helping to make the sale of the business such a professional, pain-free process. I have complete confidence that Bellpenny will ensure clients continue to receive the very highest level of care and attention.”

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Bellpenny has been acquiring IFA businesses around the UK since 2012, and in October last year announced it had reached £1bn funds under management.

Last month, Mr Ronaldson, whose company has been buying firms from as far afield as Scotland, the Midlands and the South-West, said that, since the RDR was implemented in January last year, he has spoken to approximately 150 firms.

Background

In January the Reading-based consolidator Bellpenny purchased two additional firms. London-based Actuarial & Investment Services brought with it £75m funds under management, while Birmingham-based The Hammond Consultancy had a total of £112m FUM.

In February, Bellpenny entered a partnership with Charles Stanley Pan Asset to provide a risk-profiled range of multi-asset funds for Bellpenny advisers.