IFA consolidator snaps up Colchester-based firm

IFA acquirer Bellpenny has acquired Colchester-based Hansen Lloyd Asset Management Ltd for an undisclosed sum, bringing Bellpenny’s total number of adviser acquisitions to 18.

The deal involves £75m of funds under management. HLAM is based in Colchester with the majority of clients based in and around the Essex area.

In March, Bellpenny bought Woking-based IFA MDM Associates Limited, in its biggest acquisition to date.

Article continues after advert

The acquisition brought £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.

Kevin Ronaldson, Bellpenny’s chief executive, said: “Bellpenny’s business model hinges on providing continuity of service and care. For Hansen Lloyd clients this will translate into to a highly personal, professional service delivered by locally-based planners.

“We’re naturally pleased with our continued strong growth, but it’s the quality of our client proposition and service that will define us in our journey to become UK’s most respected financial advice brand.”

Colin Linscott, former owner of HLAM, said: “Having made the decision to retire, my two main priorities were straightforward: to achieve a fair price for the business and to ensure that I’d be leaving my clients, many of whom have become personal friends, in the most capable and professional of hands.

“This clarity of purpose made the choice of Bellpenny as preferred purchaser very straightforward.”