This is the 13th deal for the national wealth manager and IFA acquirer, which revealed its ambitions at the beginning of the year to pick up 60 IFA firms and bring its assets under management to £1bn.
MGW adds £141 to Bellpenny's AUM, which now sits at £1.25bn – bypassing its initial target.
The firm bought another Glasgow-based IFA, KM Financial Advisers, in August. Earlier deals included Brunning Newman Houghton, Private Portfolio, Solutions Financial Services, Vermillion Wealth and Monmouthshire IFA.
Bellpenny’s CEO Kevin Ronaldson, formerly CEO of Instrinsic, said the deal strengthened its position in Scotland and was: “A testimony to the energy and professionalism of the whole Bellpenny team that we’ve been able to sustain such strong deal-making momentum while also maintaining our operational rigour and strong service ethic on behalf of a rapidly growing client base.”
Former MGW managing director and majority shareholder Brian McKenna said: “We have had many overtures from prospective purchasers in the past however Bellpenny nailed their colours to the mast from day one, with a stated aim to become the UK’s most trusted financial advice brand.
“Nothing in my dealings with them over recent months makes me doubt either their intent, or ability, to achieve that goal. I am also satisfied that Bellpenny presents the best option to look after our clients in the future which has always been a major consideration for my fellow shareholders and for me.”
