Planned as the wealth manager and IFA acquirer’s new midlands hub and as “a base for further expansion in the region”, the deal incorporates Torquil Clark’s wealth management and employee benefits businesses, as well as its execution only buinsess TQ Invest.
The deal will bring in a total of £900m of client assets, which the group says will push its total funds under management to over £2.5bn.
Based in Wolverhampton and Carnforth, Bellpenny says the employees of Torquil Clark, which include 16 financial planners and more than 50 support staff will join Bellpenny and the local presence will be retained under the Bellpenny brand.
Torquil Clark’s managing director, John Chapman, will join Bellpenny to head up the rebranded direct business and will join the group’s executive, Bellpenny said.
Bellpenny Chief Executive Officer, Kevin Ronaldson, said: “This acquisition will be especially important for us because it incorporates a substantial, execution-only business in the form of TQ Invest. Having a direct operation alongside comprehensive wealth management and employee benefits offerings will vastly extend Bellpenny’s market reach and appeal, by enabling us to deal with clients in whatever way best suits their personal needs. Crucially, it will also mean we’re ideally positioned to meet the expectations of the next generation of investors for whom the ability to transact when, where and how they wish is viewed as a given.”
