Mergers and acquisitions  

Succession Wealth adds £1.4bn AUM with IFA purchase

Succession Wealth adds £1.4bn AUM with IFA purchase

Succession Wealth has bought IFA firm Pannells Financial Planning, adding £1.4bn in client assets.

Pannells is an established firm in the UK, with seven offices in England and Scotland. It was founded in 1989 to deliver a wide range of bespoke financial solutions for both individuals and businesses.

James Stevenson, chief executive officer at Succession Group, said: “We are hugely excited to partner with Pannells, a firm we have long admired for its values, success and strong commitment to independent advice. The cultural fit between us that is so present with Pannells is central to how we assess strategic acquisition opportunities.

“This has been a busy period of corporate activity, but our strategy remains focused jointly on continued organic growth and strategic acquisitions only where we believe they add value to both parties.”

For individuals, Pannells offers advice on all areas of financial need, including savings and investments, retirement planning and estate planning. 

For businesses, it helps secure the financial future of employees and the business itself through the implementation of auto-enrolment programmes, employee benefit schemes, and more.

Frank Williamson, managing director of Pannells, said: “After a strong and sustained period of organic growth, we felt partnering with a larger firm was the natural next step for our clients and our team. We are extremely proud of the excellent work done by the Pannells team on behalf of our clients over many years.

“It was clear from our discussions that both Succession and Pannells have a shared commitment to their clients and their teams, focused on principles of high professional standards, value for money and totally independent advice.”

He added: “Succession’s expertise in integrating firms is well-known and they have shown a real willingness and ability to make the process as positive and straightforward as possible.”

The deal takes Succession Wealth’s private client assets under administration to over £9.4bn and marks the firm’s 59th acquisition since 2014. 

It follows the acquisitions of JCF Financial and Bankhouse, announced recently, which together brought £211m of client assets. 

Stevenson added: “While we do see plenty of interesting opportunities in the market, we’re focused on acquiring high-quality businesses whatever their size and building scale to the benefit of our clients – not for its own sake.” 

sonia.rach@ft.com

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