Just last week Reading-based Bellpenny said it was targeting up to 60 IFA acquisitions in the next 18 months, aiming to raise its asset under management to £1bn.
Founded in October, the Reading-based firm is backed by Oaktree, the Californian-based global investment manager focused on alternative markets which has some $80bn in assets under management.
Bellpenny’s roll call of acquisitions so far include: Brunning Newman Houghton, Private Portfolio, Solutions Financial Services and Vermillion Wealth.
MIFA, acquired from Monmouthshire Building Society, brings with it more than 2,000 active clients and funds under management in excess of £100m. Bellpenny said it is actively looking to explore further partnership opportunities with other building societies around the UK.
Bellpenny’s chairman, Grenville Turner, said: “Closing a deal of the size and stature of MIFA so soon after launch shows the UK advisory market that we really do mean business and puts down a clear marker for the future.”
