IFADec 14 2022

Verso snaps up two advice firms taking AUM to £1.8bn

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Verso snaps up two advice firms taking AUM to £1.8bn
Chris Ratcliffe/Bloomberg
BySally Hickey

Verso Wealth Management has acquired two financial advice firms, bringing its assets under management to £1.8bn.

The company today (December 14) said it has bought Heritage Independent Financial Advisers and IEP Financial.

Heritage is based in Solihull and serves clients across the Midlands, providing advice on assets of £200mn.

The company will be Verso’s hub in the Midlands and its three principal directors, John Shackleton, Patricia Chaplain and Anne Windle, will remain with the firm.

The other acquired firm, IEP Financial, is based in Hove and covers clients across Sussex and the South East. 

It has a team of 34 advisers, planners and support staff and provides advice on assets of £525mn. 

Patrick Spencer, managing director of IEP Financial, will remain in the firm, and chairperson Ian Poysden and director David Williamson will step back from their management positions but will remain in the business and look after clients.

Simon Redgrove, managing director, Verso, said: “With the support of our strategic partners, Cairngorm Capital, and their buy, build and transformation expertise, we have made great progress towards our goal of building a national, market leading wealth management group. 

“This year we completed five acquisitions and we have a pipeline of further investments planned for 2023 so the next 12 months are on track to be transformational.” 

Verso is a digital wealth management group providing financial advice and investment management.

Last year, it entered into a strategic partnership with Cairngorm Capital, and is currently aiming to build a national digital wealth management group.

In August Verso acquired Campbell Thomson Insurance Services, marking its first purchase in Scotland.

Weeks before, Verso purchased Sunderland-based CDC Wealth Management as part of its IFA consolidation plan.