Mergers and acquisitions  

Perspective bags £44m Aum in 36th acquisition

Perspective bags £44m Aum in 36th acquisition
 Ian Wilkinson, chief executive of Perspective Financial Group

National financial planners Perspective Financial Group has acquired Wiltshire-based Jones Hill in the firm’s 36th acquisition since its foundation in 2008.

Perspective announced today (September 7) it has bought 160 clients and their assets from the award-winning advice firm, bringing £44m of funds under advice to the group.

It is the firm’s first acquisition since private equity firm CBPE Capital’s “major investment” at the end of last year.

Brian Hill, Jones Hill’s managing director, will exit the business while the firm’s other staff will transfer to Perspective.

The members of Jones Hill’s team currently in training will immediately join Perspective’s in-house training academy where they will continue working towards advanced financial planning qualifications.

Jones Hill, recently ranked by VouchedFor as the third highest rated sole practitioner firm in the UK, has established a niche for advising ex-military personnel and their families.

Mr Hill said after 15 years in financial planning, it was the “right time” to seek new challenges.

He added: “Although there were quite a number of interested firms, it was clear early on that Perspective’s tried and tested approach would help secure our client’s financial planning needs and provide a stepping stone for Jones Hill staff.

“It is testament to a shared ethos that we completed the entire process during lockdown and turbulent market conditions. I wish the team at Perspective every success.”

Ian Wilkinson, chief executive of Perspective, said: “This acquisition is consistent with our overall growth strategy to acquire quality client banks from IFAs looking to retire or exit the industry as well as opening new hubs in other carefully selected locations.”

Mr Wilkinson added the deal “reinforced” its position as the consolidator of choice for IFAs.

At the time of CBPE Capital’s investment, Perspective said the funds would accelerate its expansion through both organic growth and further acquisitions.

Since founding, the group has gained a reputation for buying IFAs looking to retire and exit the industry, and now employs about 180 staff and serves more than 18,00 clients.

Mergers and acquisition activity in the adviser industry, and broader UK wealth management, has increased over the past few years, primarily driven by regulation, an ageing demographic and increasing professional indemnity insurance costs.

Last week it was revealed a new consolidator headed by ex-Openwork CEO Mary-Anne McIntrye had set its sights on building a 300 adviser-strong business over the next five years with a £160m acquisitions warchest.

Recent data shows funds spent on larger mergers and acquisitions in the IFA market jumped by more than 100 per cent last year to £249m, and the pattern of consolidation has shown no sign of abating. 

imogen.tew@ft.com

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