Consolidator led by ex-Intrinsic CEO buys Gale & Phillipson

Consolidator led by ex-Intrinsic CEO buys Gale & Phillipson

Solomon Capital Holdings, the private equity-funded wealth manager set up by ex-Intrinsic chief Andy Thompson last year, has bought advice firm Gale and Philipson for an undisclosed sum.

Gale and Philipson employs 34 advisers and comes with a client book of over 3,500. Its assets are split between its £500mn discretionary fund management arm and its £900mn advice arm.

The IFA’s chief executive David Carr will join Solomon’s team following the deal’s completion.

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Solomon’s aim remains to grow an integrated advice and wealth management business in excess of 50,000 clients, buying up regional firms to underpin its hub model.

Its acquisition of Gale and Philipson follows its acquisition of Beaufort Group and its discretionary fund management arm, You Asset Management, in June.

Thompson founded Solomon last year with Darren Sharkey, who until late 2020 was managing director of Quilter's national advice business. 

The firm is backed by JC Flowers, the US private equity house which held a stake in Interactive Investor before its £1.5bn sale to Abrdn.

“The acquisition of Gale and Phillipson means we now have the best possible foundations in place to really step up our acquisition and onboarding process,” said Solomon’s vice chairperson, Simon Goldthorpe.

“With a strong pipeline of high-quality deals already in place we will be adding considerable scale to the business over the coming months as we deliver on our aim to create a leading national advice and wealth management business serving in excess of 50,000 clients.”

Founded in 1988, Gale and Phillipson has also grown through acquisitions in recent years. In September 2020, it bought Kent-based Gyr Financial Consulting.

At the time, Gale and Philipson said it was aiming to increase its assets under management to £2bn within the next five years and was in discussions with a number of advice businesses who were “considering their options”.

In an announcement today (September 5), the IFA’s chief executive said: “What the team at Solomon has planned will set new standards in the UK advice and wealth management sector.

“It is testament to the strength of our business and the talent of our team that we have been invited to play such a pivotal role alongside Beaufort Financial and YOU Asset Management.”

Solomon is focused on building a "technology-enabled national advice business" which can deliver a holistic and hybrid advice service to mass affluent customers.

A big draw for buying Gale and Philipson for Solomon was the IFA’s vision for technology, which is still being built out.