Perspective Financial Group has added £70mn in assets under management with the purchase of three firms as it looks to expand its presence in the North.
The deals will see Perspective have offices in Newcastle upon Tyne, Darlington and Dinnington, adding a total of 290 households as clients.
The first acquisition was of Esk Valley Financial Services in Redcar on a trade and asset basis.
Esk Valley Financial Services has 150 households as clients and £30mn AUM. Its client bank predominantly comprises rural and farming clients stretching from Whitby to Guisborough.
Paul Gatenby, who founded the firm in 2002 and will be retiring from the industry, said it was vital for him to find a firm that shared the same values.
“Based on my experience from the initial meeting with Ian and his team in 2021, and the subsequent due diligence process, I know I can enter retirement with peace of mind,” he said.
“I know my clients, many of whom are friends, will be treated professionally and fairly for many years to come.”
The second purchase was Jeff Thurlbeck, who will be joining Perspective as a financial planner, bringing across 100 households as clients and £20mn AUM.
Thurlbeck was previously self-employed with his client base focused on the Barnard Castle and Richmond areas of County Durham and North Yorkshire.
He said to sustain and grow his business further, he needed more help and support.
“I also wanted to be happy that my clients would continue to be looked after by a firm that provides a continued high level of service, not just now, but long into the future,” he said.
“After an exhaustive search, I feel that Perspective shares my values of professionalism and client service. Whilst they are a national group, they retain the feel of a local firm. Their long established offices in my locality offer continuity for my clients for when I make the decision to retire at some point in the future.”
Meanwhile, the third purchase by Perspective is Paul J Flynn, based in Tuxford near Newark, Nottinghamshire.
As part of the deal, 40 households will join as clients with around £20mn AUM.
The firm was previously part of the Quilter network and a number of clients will be served by one of Perspective’s offices in the south.
Paul Flynn, owner of the firm who is retiring, said: “The Perspective team has been phenomenal all the way through the acquisition process, working tirelessly without compromise.
“In my view, it’s the only way to do things. It was a pure delight to receive such immense and forensic attention to detail.”
Flyn added: “This totally assures me I have made the right decision. Your expertise played a major part in securing the sale/purchase between us.”
These deals follow on from April when Perspective bought Cambridgeshire-based adviser Ramsey Financial, adding £50mn in AUM.
A month prior to that, it bought a further four firms ranging in size from £10mn to £175mn Aum, taking its total number of acquisitions to 50 at the time.
Perspective chief executive officer Ian Wilkinson, said: “This latest trio of acquisitions demonstrates our strong appeal to small, high quality firms and individuals, where we offer an excellent future for the client banks they have carefully built and cherished over several years.
“We’re delighted both retiring advisers and those wishing to continue practising but wanting to spend their time providing advice to clients rather than running their business, see the appeal of becoming part of Perspective.”
Wilkinson said Perspective’s ability to combine the benefits of local offices with the strengths of a national firm, including succession planning and regulatory expertise, “remains very attractive to vendors”.
“We have our biggest ever pipeline of acquisitions both large and small over the next 18 months and relish the opportunity to grow Perspective at scale and pace,” he added.
“It feels pertinent that we have built Perspective around a culture of ‘clients always come first’, to ensure we deliver the best possible client outcomes.
“Our vision and values perfectly align with the Financial Conduct Authority’s new incoming Consumer Duty requirements. It’s almost as though this new principle for the sector was written to match our entire ethos.”
sonia.rach@ft.com
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