Succession Wealth's private equity backer is reportedly putting the advice firm up for sale for an estimated £400m.
Inflexion, the majority shareholder in Succession Wealth, has hired bankers to undertake a review of options for the business, according to Sky News.
Sources told the publication that Inflexion, which bought 50.1 per cent of the shares in the group in 2014, was expected to launch a formal auction of the firm early next year.
Succession and Inflexion declined to comment.
Succession has around £8bn in assets under administration across 17,000 clients, and employs 170 wealth planners.
The firm was founded in 2009 by Simon Chamberlain and has offices across England and Scotland.
In December 2017, James Steveson was appointed as chief executive of Succession, following the passing of Chamberlain who died suddenly.
Sky News reported potential bidders are expected to include larger private equity firms and some financial services groups.
The move would follow a flurry of activity in the financial advice and wealth management industry, with the likes of Equiniti, IFG Group, Parmenion, AFH and True Potential all selling stakes to private equity firms.
Yesterday (November 8), Abrdn confirmed that it is in discussions to purchase D2C platform Interactive Investor.
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