Bellpenny snaps up 25th acquisition

Bellpenny snaps up 25th acquisition

National wealth manager Bellpenny has acquired Winchester-based City Wealth Management Independent Financial Advisers.

The acquisition is Bellpenny’s 25th, involving 100 active clients and £31m of funds under management.

Bellpenny’s chief executive Kevin Ronaldson said that CWM provides a premium financial planning service to high net worth clients in one of the UK’s most prosperous areas.

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“There will always be keen competition amongst potential acquirers for high-quality, well-managed IFA businesses such as this,” he added.

City Wealth Management’s directors Andrew and Angela Gibson commented that in assessing the various sale options open to them, the priority was to ensure that clients would benefit from a real sense of continuity in this regard.

“Of all the companies we spoke to, it was clear that Bellpenny is best-equipped to deliver this,” they added.

In March, Bellpenny bought up its 24th firm, Farnham-based adviser Legal and Professional Services, bringing 500 active clients and £40m of funds under management.