The deal will see the firm take charge of 1,700 of Price Bailey’s active clients and funds under management with a value of £150m.
Price Bailey will continue to operate with a smaller advisory team focusing entirely on ultra-high net worth clients and employee benefits.
Acquisition drive
Last week Bellpenny revealed it had acquired Tunbridge Wells-based Foot Davson, marking the start of the firm’s aim to relieve accountancy firms of their IFA businesses in the aftermath of RDR.
Kevin Ronaldson, CEO of Bellpenny, said: “The completion of a second accountancy sector deal in as many weeks underpins our belief the Bellpenny model is very attractive to professional services firms rethinking their approach to financial services. Some, like Price Bailey, are looking to reshape their wealth management operations, while others have decided to exit the market completely.”
Bellpenny was founded in October 2012 and is backed by global investment management firm Oaktree. It thrust itself into the spotlight in January, stating that it anticipated making 60 IFA acquisitions within 18 months, which would bring its AUM to around £1bn.
To date, the firm has made seven acquisitions, and in April this year Ronaldson discussed exactly what it is he looks for when it comes to takeover bids.
