National wealth manager Bellpenny has acquired London-based IFA Cranfield Financial Services for an undisclosed sum, bringing its total number of acquisitions since launch to 29.
Cranfield brings £196m of funds under management, with four financial planners joining Bellpenny.
Dominic Rose, Bellpenny’s acquisitions director, said Cranfield was the IFA consolidator’s largest acquisition of the year so far.
He added that further announcements could be expected “shortly” as Bellpenny continues to grow by “acquiring like-minded businesses.”
Bill Brown, managing director of Cranfield Financial Services Limited, said: “My fellow shareholders and I were particularly impressed that the interests of our clients and their future well-being were seen as paramount when negotiating the terms of the sale.”
Last month, Bellpenny told FTAdviser that it expects to complete another 10 adviser acquisitions before the year is out.
It was also recently announced that Bellpenny’s chief executive Kevin Ronaldson will step down in September, moving to become founder director. Countrywide director Nigel Stockton is set to take over as chief executive.
Mr Ronaldson has led Bellpenny since launch in October 2012, overseeing its expansion to more than £3bn funds under management and 70 financial planners.