Mergers and acquisitions  

Consolidator buys Birmingham planner in 10th deal of 2020

Consolidator buys Birmingham planner in 10th deal of 2020
Credit: Bloomberg

Independent Wealth Planners has acquired a Birmingham-based financial planner in a move which brings its total deal count for the year into the double digits.

The consolidator announced today it has bought Donald Wealth Management, based in Sutton Coldfield, which brings £135m of assets to its Midlands presence.

Although a relatively new market participant, the buyout represents IWP’s 10th deal of the year and means it has gained nearly £2bn in assets under management through acquisitions in 2020.

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Donald Wealth Management will join IWP’s existing Midlands-based firm, Alexander Grace, as the third addition so far this year.

Jamie Donald, director of Donald Wealth Management, said: “As a family firm it was important to me to find the right fit for our clients and our business. In joining Alexander Grace and IWP we have found a group that truly keeps clients at the heart of everything they do. 

“I’m excited for this next chapter of Donald Wealth Management, accessing support and infrastructure as part of Alexander Grace and IWP while focusing on what we do best, looking after our clients.”

Neil Padget, chief executive of Alexander Grace, said he was delighted to have Donald Wealth Management join the team and was excited to continue to grow the firm.

Since it came to market towards the end of last year IWP has been vocal about its ambitions to expand quickly through the acquisition of IFA firms, telling FTAdviser earlier this year it had set its sights on managing £5bn of assets in the coming year. 

David Inglesfield, chief executive of Independent Wealth Planners, told FTAdviser in April the company, which is majority-owned and controlled by its own management team, was eyeing a pipeline of 20 deals as part of its growth plans

Commenting on the Donald Wealth Management deal, Mr Inglesfield said: “This is the third excellent local firm to become part of Alexander Grace in 2020. We are proud of our investment in the region as we aim to make great independent local advice available to more people.”

In pursuit of its growth plans the consolidator completed a string of deals since the onset of the coronavirus pandemic and national lockdowns, most recently purchasing Leamington Spa-based financial planning firm Bishop Armstrong.

Acquired firms keep their own branding upon joining IWP but share the consolidator's master brand on a national level. 

Deal activity in the advice industry has seen a split response to the Covid-19 pandemic, with some businesses pushing ahead with acquisitions while others are pausing their pipeline of deals.

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