Consolidator  

Peter Mann leads launch of £800m consolidator

Peter Mann leads launch of £800m consolidator

A new-entrant consolidator has launched into the advice market with 20 advisers in its ranks and £800m assets under management. 

Radiant Financial Group will be led by its chairman Peter Mann, the former vice-chairman of Old Mutual and chief executive of Skandia, and chief executive Simon Cogman-Hellier, who most recently headed up advice firm Clarkson Wayman Ball Group. 

The newly-launched consolidator is backed by private equity firm Apiary Capital, alongside investment from existing Radiant Financial management. 

The business has launched on the foundations of three advice firms, CWB, PPS and ReSource Mortgages, and has voiced plans to grow both through acquisitions and organically.

Chief executive Mr Cogman-Hellier said Radiant intended to build its business "based around a shared culture" with other IFA firms. 

He said: "Our existing group businesses are known for their very high quality of service, prowess in winning new business and client focus.

"We believe at the core this is thanks to the fact we are all driven by a shared mindset and purpose.

"Our industry remains fragmented and the launch of Radiant represents an opportunity for like-minded individuals to become part of something special, allowing them to remove the regulatory and admin burden whilst continuing to work in an open, positive environment, focused on doing the right thing by their clients."

The consolidator said whilst it was looking for potential acquisitions to have "strong underlying business fundamentals", specific locations or the size of assets under management was "not restrictive".

The deal comes as private equity investors increasingly look to the financial advice sector, which many believe offers attractive characteristics and a certain return. 

Jeniv Shah, partner at Apiary Capital, which backed the Radiant Financial launch, said the consolidator had a "bright future ahead with ambitious growth plans in place".

Mr Shah said: "The initial companies are high-quality, with a clear strength in compliance and client-centric service, all underpinned by their culture -this is an excellent foundation on which to build the group.

"Radiant represents an extremely positive option for IFA business owners who need funding and scale to fulfil the next part of their journey, and we look forward to having a number of quality businesses join the group in the years ahead."

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

Some have predicted activity in the advice market is set to spike further next year, particularly in the wake of the coronavirus pandemic.

rachel.mortimer@ft.com 

What do you think about the issues raised by this story? Email us on fa.letters@ft.com to let us know.