The UK-based wealth manager and stockbroker said the acquisition will enable it to push into global markets and is part of an expansion plan which has seen it grow profits over the past year by more than 300%.
Trevor Cheal, who is managing director of investment services at Rowan Dartington has been appointed as the new chairman of Acordias, while former chief executive Owen Donnelly has stepped down.
On the departure of Donnelly, Rowan Dartington said: “The business is being restructured in recognition of the exceptional skills and experience that Rowan Dartington brings, inevitably, in situations like this there are changes, as there were when Rowan Dartington was acquired some three years ago.
"We can confirm that as part of this restructure Owen Donnelly has left the business.We wish him every success in the future”.
Cheal said the acquisition represents a “significant step forward for Rowan Dartington”.
“It is the perfect opportunity to combine our stockbroking and investment management expertise with the existing, well-functioning technological framework, which Acordias provides, that will allow us to expand our distribution base globally,” he said.
“The UK adviser market has been completely transformed by wealth platform technology over the last decade. We believe the international adviser community can also benefit significantly and Rowan Dartington is a perfect fit for Acordias as we have a team of people who have historically been involved in the platform market. This is an exciting time for these businesses to come together in this period of growth.”
Rowan Dartington said the deal will also provide Acordias with the infrastructure support and financial backing to push ahead with is “ambitious growth plan”.
Acordias’s core proposition will remain the provision of a whole of market open architecture platform for the adviser market although there will be an additional focus on improving the adviser support for running client money to specific risk mandates.
Acordias was founded in May 2010 by twins Andrew and Simon Wilkins, although neither of the brothers now works for the business.
In the first quarter of last year, Acordias launched its “2.0” system – click here to read more.
