Effective immediately, the purchases of Ashton KCJ Financial Planning and Principals in Practice take Bellpenny’s acquisitions count to 32 since October 2012.
As well as propelling the firm’s total funds under management to more than £3.5bn, the deals see the addition of more than 500 active clients expands Bellpenny’s client pool to more than 25,000.
The purchase of Cambridge-based Ashton KCJ brings in £60m of FUM, while the deal for Horsham IFA Principals in Practice encompasses FUM worth £90m.
“From outset, we anticipated that our model would have particular appeal to professional services firms looking to recalibrate their approach to financial services, and the Ashton KCJ deal is yet another example of this. Dominic Rose, Bellpenny’s acquisitions director, said: “Principals in Practice is a slightly larger business, but shares several characteristics with Ashton KCJ, including the high quality of its client base, its affluent catchment area and a similar average portfolio size. “Clients coming to us from both acquired businesses will continue to benefit from face to face service from financial planners based in their local area.”
As outlined last week by Bellpenny CEO Nigel Stockton, the M&A juggernaut will now shift its focus to larger, more established businesses as the acquisition trail enters its fourth year.
