Companies  

Succession makes fifth acquisition of the year

Succession has made its fifth acquisition of the year, snapping up a Buckinghamshire-based firm for £5.3m.

Great Missenden-based Michael Moore Life & Pensions, which has £150m of funds under management, has become Succession’s 22nd acquisition from among its member firms.

Michael Moore, senior partner at MMLP, said: “I set up the company in 1971 and the last five years, since joining Succession and stabilising my business, have been the most relaxed.

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“Under Succession’s guidance we transitioned MMLP to a fee-based, recurring income model, instead of always chasing new business, and we introduced a long-term wealth management proposition that focuses on meeting clients’ financial goals, rather than investment performance.”

Mr Moore added his firm’s proposition will not change, but being part of a bigger company will provide greater security for his clients and employees.

Succession plans to acquire 50 of the best firms from its 80-strong membership by the end of 2017. Last week chief executive Simon Chamberlain said the company would make 10 acquisitions this year, of which this is one.

He commented: “Ambitious firms need to carefully consider their choice of partner to realise their ambitions, without compromising on service, value and principles.”

More than 17,000 clients use Succession Group’s proposition and its 350 advises look after more than £10.5bn of funds under management.

Last month the company was granted full discretionary fund management permissions by the Financial Conduct Authority.