Ascot Lloyd has acquired a Norfolk-based IFA firm in a deal that adds £382m in funds under management to the consolidator.
In an update today (March 31) the advice firm confirmed it had bought Ring Associates, a firm of 12 advisers based in Kings Lynn.
The deal adds to Ascot Lloyd's own £8bn funds under influence and 130 advisers, and follows a string of acquisitions by the consolidator in recent months.
Nigel Stockton, chief executive at Ascot Lloyd, said: "We now have over 18,000 clients serviced by our 19 offices. Critically, we are focused on adding high-quality businesses that match our culture and values.
"For prospective IFAs, they are joining a platform that can significantly alleviate the regulatory and compliance burdens they face, allowing them to increase time spent on their core role – advising clients."
In October last year Ascot Lloyd confirmed it had agreed terms on eight deals which would add 20 advisers, £15m of revenue and £1.2bn of funds under management to the business before the start of 2020.
The acquisition strategy came as the advice firm looked to target the increasing consolidation among smaller businesses in the market, which face the ever-increasing challenge of regulatory costs.
Simon Ring, founder of Ring Associates, said: "We are very pleased to be joining Ascot Lloyd, having worked hard to find a partner who matched our commitment to both client service and maintaining a strong presence in Kings Lynn.
"Importantly, it will be very much business as usual for our clients who will continue to engage with the same advisers, but with the added benefits that being part of a leading UK business bring."
rachel.mortimer@ft.com
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