Succession Group has made its largest ever acquisition, buying Clay Rogers & Partners in a deal which could be worth more than £10m.
Birmingham-based Clay Rogers has been working with Succession since 2013 to develop its proposition and grow capital value.
Tim Clay, co-founder of Clay Rogers, said: “Low interest rates, poor annuity rates and new pension freedoms have created a challenging marketplace for financial planners.
“With Succession’s support, we have navigated commercial, competitive and regulatory challenges to deliver high levels of client satisfaction and create strong foundations for future growth.
“We were attracted to Succession by both its processes and commitment to independence and this deal will create long-term stability for both staff and clients. “Working with Succession signals the beginning of a significant new chapter in the continued development of a high quality financial planning practice in the heart of Birmingham.”
Clay Rogers has £450m of funds under management.
Its acquisition by Succession makes it the seventh firm to join the consolidator this year.
In June Succession announced it had secured an investment package of more than £25m from HSBC and its existing shareholders to allow it to continue its plan to buy the best 50 firms from its affiliated membership by the end of 2017.
Succession Group chief executive Simon Chamberlain said: “Over the last three years, Clay Rogers has raised the bar, providing the very highest levels of professional and personal client service and business growth has been impressive.
“Succession continues to identify like-minded businesses to develop further our leading consolidation model”.
“Remaining independent, and not forcing clients to go restricted, creates the right environment for top planners across the country to join this exciting journey without fear of being pressured into unsuitable propositions.”
