Consolidator gains £70m Aum in tenth acquisition

Consolidator gains £70m Aum in tenth acquisition

Independent Wealth Planners has completed its tenth acquisition in a deal which adds £70m to its assets under management.  

The company announced it had bought Cornwall-based financial planning firm Westinsure Webb Financial Services as it bolstered its presence in the south west, undeterred by the coronavirus crisis. 

The deal adds two advisers alongside the £70m assets under management to Independent Wealth Planners, which first came to market towards the end of last year. 

In April the consolidator told FTAdviser it had ambitions to manage £5bn of assets in the coming year, having surpassed its initial target of securing £2bn of client assets in the first quarter of 2020.

David Inglesfield, chief executive of Independent Wealth Planners, said: "Westinsure Webb is a great addition to our hub in the south west. We look forward to supporting these businesses as they grow and build on the excellent service they provide to clients."

Two weeks ago the company revealed it had purchased Stevenage-based financial planning firm Richmond House Wealth Management in a deal which added £250m in assets under management and eight advisers to the business. 

Earlier this year Mr Inglesfield told FTAdviser the company, which is majority-owned and controlled by its own management team, was eyeing a pipeline of 20 deals and remained undeterred by the pandemic-fuelled market downturn. 

Acquired firms keep their own branding upon joining IWP but share the consolidator's master brand on a national level. 

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