Succession Wealth has bought two financial advice firms in deals which will take its assets under management to £8.4bn.
The firm has bought Winchester-based JCF Financial Services Ltd and Chippenham-based Bankhouse Financial Management Ltd - deal which will bring £211m in client assets to Succession.
Bankhouse will be integrated into Succession's Bristol hub while JCF Financial will be integrated into its Salisbury hub.
JCF Financial was founded in 1998 and specialises in investment advice, retirement planning, generating income in retirement, trust fund investment and inheritance tax planning. The firm administers £151m of client assets.
Kit Finney, principal at JCF Financial, said: “As our business grew, we decided to look for a partner with the scale to help service the complex requirements of our expanding client base.
“We spoke to a number of firms and our priority, as always, was to ensure clients got the best possible service moving forward. The quality of Succession’s client delivery stood out, particularly its investment proposition, which is excellent in the flexibility it provides.”
Meanwhile, Bankhouse, which was founded in 2004, offers financial planning services to individuals at or near retirement, small business owners, entrepreneurs, high-net-worth individuals and trustees. It administers £65m of client assets.
Colin Perryman, executive director of Bankhouse said: “At Bankhouse, our aim has always been to build trusted, long-lasting relationships and to guide clients through their various life stages.
"In Succession, we found a firm that shares this commitment to high-quality, tailored advice. It is for this reason, as well as Succession’s impressive track record of integrating firms, that we are delighted to make this announcement.
“My industry journey started in Bristol, and I look forward to returning to the city to work alongside the fantastic team Succession has in place there.”
The acquisitions take the total number of firms acquired by Succession to 58 since 2014, which has included £5.1bn of assets.
James Stevenson, chief executive of Succession Group, said: “Acquisitions are about partnerships. We look for firms whose client propositions, unique selling points and cultures fit well with ours – factors like location and size are considered, but they are of secondary importance.
“Our growth strategy remains jointly focused on continued organic growth and strategic acquisitions where we believe they add value to both parties. There are plenty of interesting opportunities in the market right now, and we will be making further announcements in the new year.”
Stevenson added: “However, we’re not focused on building scale for its own sake. In fact, in order to acquire the right quality businesses, we only develop more detailed conversations with around one in eleven of the firms we hold initial exchanges with.
“While the growth is exciting, our primary focus will always be on meeting the needs of our clients. We believe Succession is well placed to meet the growing demand for personalised, holistic and truly independent advice, with these being at the heart of what we do.”
Last month, it was reported that Succession Wealth's private equity backer was putting the company up for sale for an estimated £400m.
Inflexion, the majority shareholder in Succession Wealth, was reported to have hired bankers to undertake a review of options for the business, according to Sky News.
Sources said 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.
sonia.rach@ft.com
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