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Succession gains £500m AUM with adviser acquisition

Succession gains £500m AUM with adviser acquisition

Consolidator Succession Wealth has gained £500m in funds under management in its eleventh acquisition since 2018.    

The wealth manager has acquired national adviser Investors Planning Associates Ltd in a deal that will see 1,750 clients and 18 planners join the business. 

The acquisition brings Succession close to managing £8.5bn of funds across almost 22,000 clients and follows the appointment of a director of mergers and acquisitions to the firm last month. 

In September the company appointed Mark Day to manage all major deals as it set its sights on acquiring larger firms in the market in a bid to manage in excess of £10bn assets under advice. 

James Stevenson, chief executive of Succession Wealth, said the consolidator was actively looking at "large, quality" financial advice firms for acquisition. 

He said: "IPA is a quality business, with an excellent reputation. It has a significant number of professionals working in sport and entertainment who require specialist financial advice. 

"Both our firms share a similar distributed model structure, with planners operating across multiple locations in England and Scotland. 

"This means we can integrate and support IPA’s planners wherever they are based. I see a very positive future for IPA’s clients and staff within the group."

Jo-Anne Smithson, chief executive at IPA, said: "As we approached the milestone of our 50th year, we recognised that we needed to be part of a larger organisation so we could secure the next 50 years for our clients and staff.  

"We have been looking to join a firm which met those objectives and are delighted to be joining such a dynamic group.

"Succession Wealth shares our ethos and our friendly, collaborative culture. It is a perfect fit. James and the team recognised at outset that the key to a successful integration was a combination of the people and the planning. 

"All our staff are on side and the integration process is going very well."

In last month's hiring spree Succession also appointed a director of integration who will work in partnership with the company's mergers and acquisitions team to integrate acquired advice businesses into the firm. 

rachel.mortimer@ft.com 

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