Bellpenny has completed two more adviser acquisitions, bringing combined funds under management of more than £150m and more than 500 active clients.
The deal with Cambridge-based Ashton KCJ Financial Planning encompasses around £60m of funds under management.
The business was jointly owned by Ashton KCJ Solicitors and Price Bailey.
The second purchase is of Horsham-based Principals in Practice Limited, involving £90m of funds under management.
This takes Bellpenny’s total number of acquisitions since launch to 32.
Bellpenny’s acquisitions director Dominic Rose said from the outset, the firm anticipated that its model would have particular appeal to professional services firms looking to recalibrate their approach to financial services, with the Ashton KCJ deal being another example of this.
“PIP is a slightly larger business, but shares several characteristics with Ashton KCJ, including the high quality of its client base, its affluent catchment area and a similar average portfolio size.”
Alan Brown, deputy chief executive and head of individual services of Ashton KCJ, said: “We feel it is especially important that clients will continue to be looked after by locally-based advisers, so this was another thing that helped to seal our decision to go with Bellpenny.”
Erik Sorensen, director of Principals in Practice, said: “Of the prospective buyers we spoke to, it was clear that Bellpenny has the ideal ethos and infrastructure to carry on our work.”
peter.walker@ft.com
