The deal completed on 1 July and the combined company has over 100 advisers, looking after more than 40,000 fee-paying clients. This, it claims, makes it one of the largest independently-owned wealth management businesses in the UK.
Both businesses are owned by Oaktree Capital Management and the transaction was completed for an undisclosed sum. The new combined entity also incorporates BIA Financial Planning, the independent advice arm of Bellpenny. The brands of all three businesses will remain.
Nigel Stockton, Bellpenny’s chief executive, and Matthew Moore, Bellpenny’s chief financial officer, have become chief executive and chief financial officer of the new business respectively.
“The logic behind this deal is truly compelling,” commented Stockton. “The new entity merges two near-identical sized businesses with similar structures and closely-aligned client propositions. It delivers material long-term benefits and expanded opportunities for both companies’ private and corporate clients, along with increased resources and expertise.”
Richard Dunbabin and Pat O’Hara of Ascot Lloyd remain as founders, and will assist the executive director leadership team.
“The merger with Bellpenny provides the financial backing to grow the business in the future,” said Dunbabin. “This can only provide greater stability, security and comfort to our clients – qualities that are at a premium in these uncertain economic and political times.”
