Clifton Asset Management has bought Caerphilly-based financial adviser Mark Philips Ltd, taking its assets under management to more than £1bn.
As part of the deal, more than 250 clients with AUM of £40mn will move over to Clifton AM.
Mark Phillips of Mark Phillips Ltd is an IFA with over 40 years of industry experience and will continue to support the transition of clients to Clifton AM.
Phillips said: “I looked at a variety of options and talked to potential acquirers but after a very positive series of meetings I knew that Clifton was a good fit for my clients.
“They are clearly very competent and having made multiple acquisitions they are very experienced in smoothly transitioning clients across over to the Clifton proposition.”
He added: “Many of my clients have been with me a long time, some for over 40 years, so it was particularly important that I made the right choice.”
This latest deal marks Clifton AM’s third purchase in just three months, after receiving significant first round of funding from independent asset manager, Boost & Co, to accelerate its ‘buy and build’ acquisition strategy.
Anthony Carty, group financial planning director at Clifton AM, said: “We are particularly thrilled to be working with Mark and his clients. His client focus and commitment to great outcomes mirrors our philosophy at Clifton.
“While Mark will be working with us for a couple of years to help transition clients over to Clifton, we hope that after all his years of providing a dedicated service to clients, he can move into retirement knowing that his clients are being very well looked after by the Clifton team.”
In July, Clifton AM bought Aberdeen-based Burnett & Reid Wealth Management, adding £180mn to its AUM.
Then in September, it bought Stroud-based financial advisers, Noble James Associates, for an undisclosed amount.
Carty said: “This latest acquisition also highlights that our planned acquisition strategy is on course and delivering value to clients as planned.
“We aim to complete on several other acquisitions in the early part of 2023.”
Phillips added: “Clifton has a disciplined and repeatable process to ensure that clients are getting good advice and good ongoing service.
“It’s not a revolution for the clients, it’s an evolution into a firm with more resources and the capabilities to service the clients going forwards. It’s a good match and I know I’m placing my clients in a safe place.”
In August 2021, Clifton completed the acquisition of Leonard Gold Financial Management, after preparing for the deal for two years.
Clifton first announced the purchase of Leonard Gold Financial Management in September 2019 as part of its plans to build a regional network of small advice businesses.
sonia.rach@ft.com
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