Helm Godfrey is headquartered in London with 65 employees and provides specialist financial planning and investment management services.
As part of the deal, the company’s investment management team will become part of Hurst Point’s Investment Management division, while the financial planning team will become part of the group’s financial planning division.
The purchase is subject to regulatory approval but the group said the acquisition will further its ambition to become a national wealth management business, with a presence in major cities across the UK.
Graham Cross, chief executive officer at Helm Godfrey, said: “Finding a complementary partner has taken time, focused as we are on putting clients at the centre of everything we do.
“Hurst Point Group will provide the foundations to underpin Helm Godfrey’s future success and we are delighted with the outcome.
“We believe that we have found the right partner, with the platform to deliver on our numerous objectives.”
There's always other companies on the radar but this has been on the books for quite a whileJohn White, Hurst Point
With approximately £1bn of assets under advice and £0.5bn of assets under management, the purchase of Helm Godfrey will take Hurst Point’s overall AUA to £5bn and its AUM to £5bn.
The deal will add 2,500 clients and increase the number of financial advisers across the group to 120.
Speaking to FTAdviser, John White, managing director of Hurst Point’s Financial Planning division Argentis, said: “There's always other companies on the radar but this has been on the books for quite a while.
“We looked at quite a few other firms in the area or across the London base, but this was my preference.”
The deal took approximately 15 months to complete which he said was down to a number of complexities that occur with deals generally.
“Helm Godfrey had a number of shareholders and they wanted to make sure all those shareholders were comfortable with the deal,” he said.
“They were working shareholders, not just investors, so there was a lot of people to make sure they were comfortable with the deal.”
White said he wants the business to get to £10bn by the end of year.
With approximately £2bn of common AuA/M, this purchase will bring the group’s net AuA/M to approximately £8bn.
White said: “I’m really excited about working with those 16 to 20 advisers and the whole 60 staff [at Helm Godfrey]. It's a good deal for us and it complements the deal that we did in September.”
The group announced that it had bought Metis Wealth and Metis Asset Management back in July.
Hurst Point said the deal with Helm Godfrey has been made possible through the support of Hurst Point’s lead equity investor Carlyle, and debt providers Ardian and Investec.
Carlyle has supported Hurst Point since its inception with capital backing through its financial services investment fund, Carlyle Global Financial Services Partners.
White said the group is working to build a sustainable financial planning business and has several deals in the pipeline for 2023.
“We believe that we have found a strong cultural fit in partnering with the Helm Godfrey team; that was a key consideration for us.
“We were attracted to Helm Godfrey largely by its strong presence in a key centre of wealth, the strong reputation of its advisory business, and its integrated investment management operations.”
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