The deal is Bellpenny’s 11th and brings £75m of funds under management, with assets evenly split between pensions and investment business.
In the 12 months since inception, the group has acquired one ex-building society, three accountancy firms and seven traditional advisory groups. Its most recent acquisition was the purchase of Walton-on-Thames-based Entire Wealth Management, which brought £100m of funds under management and more than 1000 active clients.
The group started in October 2012 with £400m of funds under management, saying it had a further £600m of deals in the pipeline.
Bellpenny said that the key criteria for acquisition was a high quality client base, which could be integrated with the remainder of the business relatively easily. It wanted to see well-ordered systems, to prevent post-acquisition problems. The previous management is usually looking to downsize or exit.
The group’s investment engine is Oaktree Capital, which has around £75bn of assets under management.
