Stockbroker Redmayne Bentley plans to buy the client assets of a wealth management firm which was banned from accepting new clients by the Financial Conduct Authority and subsequently went into administration.
Redmayne Bentley has confirmed it aims to buy the private client business of Blankstone Sington Limited, subject to regulatory and court approval.
Chief executive Stuart Davis said he hopes the move will provide stability for affected clients and reunite them with their assets.
He said: “Being a privately owned business of 150 years standing, we look forward to providing these clients with some stability and certainty going forward.
“Our service proposition, and the high levels of client service that we have always strived to deliver, provide a natural fit for Blankstone Sington clients.”
Leonard Curtis was appointed as the special administrator for the Liverpool-based wealth manager in October 2023, securing all clients’ assets and safeguarding the company’s systems.
It came two years after the FCA stopped the firm from accepting new clients or disposing of its own assets.
The completion of the transfer is expected in late June, until which Blankstone Sington clients should still contact Leonard Curtis with queries.
“We are entering the final stages of regulatory and legal approvals but have passed key milestones such as signing of the sale and purchase agreement and submitting migration plans to the regulator," added Davis.
"We continue to work with other external parties to ensure a smooth transition for clients.
"We are excited to be able to provide these clients with our personal investment management, financial planning and traditional stockbroking services, as we continue to grow and invest in the business for our long-term future.”
tara.o'connor@ft.com
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