Support service provider ASHL launches advice firm

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Support service provider ASHL launches advice firm
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Support service provider Adviser Services Holdings Limited (ASHL) has launched a national advice business, called Lync Wealth Management, with its first two wealth manager acquisitions.

Lync Wealth Management will be formed by Sheffield-based Sheafmoor Money Management and Belfast-based North Financial Management.

The wealth management firm will have over £180mn assets under advice and 450 wealth clients.

Chris West, founder of Sheafmoor, said: “For over six decades now the Sheafmoor brand name has thrived because client needs have been at the heart of everything we do, so we are delighted to be an integral part of ASHL’s new business Lync Wealth Management, as they share the same values and can provide long- term continuity of service to our highly valued clients.”

The national advice business will sit alongside ASHL’s existing networks, Sense and Lyncombe, which provide support to over 400 advisers with over £7bn assets under advice.

Richard Schwartz, owner of North Financial Management, said: “I have worked with ASHL’s Lyncombe network for nearly four years and have found them to be a very professional operation, as such I’m delighted to be selling my business to ASHL and look forward to working for them for many years to come.”

The firm said it recently saw a very strong revenue performance up 66 per cent to £71mn.

ASHL’s discretionary fund management business Rockhold Asset Management now has over £900mn assets under management. 

The firm said it expects the rate of current inflows to take this to well over £1bn in the coming months.

Michael Couzens, chief executive officer of ASHL, said: “The privately owned ASHL group continues to go from strength to strength and as we expand our offering to the adviser community, we see succession planning via acquisition or management buyout as key to providing future security to businesses for years to come.

“We are delighted to announce the launch of our national advice business, Lync Wealth Management, which complements our network and provides new options for firm owners who want an even closer relationship.”

Couzens said sometimes these arrangements are seen as the owner giving up control but ASHL’s aim is to work in partnership “without losing sight of the significant close relationship” and experience that the teams in the businesses it acquires have developed with their clients.

sonia.rach@ft.com

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