Companies  

Bellpenny wins £322m funds under management in acquisition

Acquisitive wealth management firm Bellpenny has bought Woking-based IFA MDM Associates Limited, in its biggest acquisition to date.

The acquisition will bring £322m funds under management to Bellpenny’s books, with most clients living in London and the Home Counties and an even split between investment and pensions business.

MDM was founded in 1997 by Chris Mealing and Tim Demery.

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The deal is the 17th to be completed by Bellpenny to date.

Lisanne Mealing, managing director of MDM, said: “This deal will ensure long-term continuity for clients.”

Kevin Ronaldson, chief executive officer of Bellpenny, said: “Clients transferring across [to] Bellpenny will rightly have very high expectations that we will maintain the high standard of care they’ve become accustomed to and we will spare no effort in delivering this.”

Only days ago (17 March) Bellpenny announced its 16th acquisition, that of Personal & Corporate Financial Solutions along with its £21m funds under management.

In December Bellpenny completed a deal with Glasgow-based MGW Independent Financial Advisers, bringing total FUM to £1.25bn at the time.