Mergers and acquisitions  

PE-backed wealth manager buys London IFA

PE-backed wealth manager buys London IFA

Private equity backed MKC Wealth has bought London-based IFA firm Anthony, Bryant & Company for an undisclosed sum.

MKC Wealth was launched last year by former Quilter executives Nigel Speirs and Dominic Rose and is backed by private equity firm Cabot Square Capital.

The Anthony, Bryant deal is its second acquisition since receiving private equity backing in October.

Anthony, Bryant was established nearly 45 years ago by Tony Ahearne and advises 126 households with £70mn of assets. 

Ahearne will join MKC in an "ambassadorial" role and will be conducting face-to-face meetings to handover client relationships.

He said: "In a long career in the industry I have built relationships with clients who have become very good friends. I am proud that all new business has come from recommendations of existing clients and in many cases I am now advising the children and other relatives of these friends.

"As I begin the next chapter of  my life, I am delighted to introduce my clients to the MKC Wealth team and I have absolute confidence that they will be very well looked after."

MKC Wealth is focusing on buying retiring adviser firms and offering clients estate planning as well as investments and pensions advice.

Rose, MKC Wealth's chief executive, said: "We have known Tony for a while and share the same values - namely putting clients at the heart of our businesses. We will continue to acquire selectively where opportunities exist and there is a close cultural fit.

"People like Tony have built-up an immense trust with clients.

"Taking over these relationships is a significant responsibility. We want the clients to be delighted with our service and for them, thank Tony for a carefully planned and well delivered succession plan."

Rose added: "We are ahead of our initial plans, now approaching £1bn of assets under advice and, excitingly, have delivered on our promise to all our staff to enable them all to become shareholders in the business we are building together."