Succession  

Succession buys firm specialising in school advice

Succession buys firm specialising in school advice

Succession has bought Affinity Independent Management Limited and Affinity Independent Schools Consultancy LLP in a £5m deal.

Buckinghamshire-based Affinity provides specialist wealth management services to private individuals, business people and independent schools.

Its managing director, Doug Muirhead, said:  “Affinity has occupied a distinctive niche in the advice market, specialising in delivering financial advice and wealth planning services to many of the UK’s leading independent schools including Eton, Harrow, Stowe, Sedburgh and St Mary’s Ascot.  

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“Education professionals have distinct financial needs, and independent advice has been crucial in delivering financial clarity and certainty for them

“We focus on building long-term and valued relationships with our clients, and understand first-hand the responsibilities and influences that shape an educator’s financial decisions.

“Our clients will benefit considerably from the additional scale and professionalism that Succession provides.”

Affinity was established in 2000 and has £150m in funds under management.

Its acquisition makes it the eighth firm to join Succession this year, following the purchase of Clay Rogers for more than £10m in September.

Succession Group chief executive Simon Chamberlain said:  “Helping clients achieve their financial goals is our only proposition.

“We will build out this specialist education advice arm though our strong regional presence, actively recruiting experienced wealth planners with the drive and commitment to provide a wealth planning service for professionals.”

In June Succession announced it had secured an investment package of more than £25m from HSBC and its existing shareholders to allow it to continue its plan to buy the best 50 firms from its affiliated membership by the end of 2017.