The declaration comes following the wealth management firm’s purchase of City Wealth Management for an undisclosed sum. Effective as of 12 April, the deal brings in 100 active clients and funds under management worth £31m.
The purchase of Winchester-based CWM is Bellpenny’s 24th deal since October 2012, and takes the firm’s total FUM past the £3 billion mark.
It has been a rapid rise for the firm with Bellpenny reaching £1 billion in funds under management in October 2013, a year after opening, and passing £2.5 billion FUM in September 2014.
Kevin Ronaldson, Bellpenny CEO, said: “CWM provides a premium financial planning service to high net worth clients in one of the UK’s most prosperous areas. There will always be keen competition amongst potential acquirers for high-quality, well-managed IFA businesses such as this.”
“Our business was founded on the provision of a very personal, tailored service, said City Wealth Management director Andrew Gibson. “In assessing the various sale options open to us, the priority was to ensure that clients would benefit from a real sense of continuity in this regard. Of all the companies we spoke to, it was clear that Bellpenny is best-equipped to deliver this.”
