The deal – Bellpenny’s 23rd acquisition since October 2012 – was completed for an undisclosed sum and is effective as of 16 March. It follows the retirement of IFA Legal’s former owner David Sowerbutts.
The addition of IFA Legal’s 500 active clients and £40m of funds under management brings Bellpenny’s total FUM to just under £3bn since being formed in October 2012.
“Bellpenny is in the market for any IFA that is considering selling, as long as the price is right and the business model fits the bill,” said a Bellpenny spokesperson.
“The changing IFA landscape has brought Bellpenny into being. The retail distribution review brought a spike in buy-and-sell activity, and the effects of that are still ongoing. [Developing the business] is on a national view, in both England and Scotland, and many more acquisitions are to come.”
