Succession Wealth buys £175mn Oxford adviser

Succession Wealth buys £175mn Oxford adviser

Succession Wealth has made its 60th adviser acquisition to date with Oxford-based firm Oxford Advisory Partnership (OAP). 

Founded in 2001, OAP offers advice on retirement planning, investments, tax planning, and long-term care.

It has long-standing relationships with colleges at the University of Oxford, advising academics on all aspects of financial planning and helping them navigate their pensions in the Universities Superannuation Scheme.

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The deal was an all cash transaction and marked Succession Wealth’s 60th acquisition since 2014, adding £175mn and taking its assets under administration to £9.6bn.

James Stevenson, chief executive officer at Succession Group, said: “We have thoroughly enjoyed working with OAP on this deal, and are delighted to welcome them to Succession.

"OAP struck us as a forward-thinking firm, filled with a high-quality team who shared our commitment to totally independent, client-centric service."

The acquisition was Succession's second this year, after Pannells, which it acquired earlier this month.

In December it bought JCF Financial and Bankhouse, which together with Pannells brought in £1.6bn of client assets.

But Stevenson said Succession was not finished yet and had received "notable approaches" from financial planning firms across the country in recent weeks.

“While this marks our fourth acquisition since December, it does not signal a change in our corporate strategy. We remain open to opportunities when they can benefit both parties but are not seeking to build scale for its own sake," he said. 

Meanwhile it emerged in November that Succession Wealth's private equity backer was looking to put the firm up for sale.

Inflexion hired bankers to undertake a review of options for the business, according to Sky News at the time. 

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. The sale is expected to generate £400mn. 

Steve Penniston, director at Oxford Advisory Partnership, said his firm had found a good partner in Succession: “After 20 years of growing OAP, we felt partnering with a leading national firm would help take our business and client service to the next level.

“We looked for a firm that shared our values, and it was clear from our discussions that Succession is a people-oriented business that puts clients first and understands their evolving needs."

He said a strong grasp of ESG had been a key consideration when speaking to potential partners.