Clifton Asset Management has completed its first acquisition of 2021 with the purchase of Leonard Gold Financial Management for an undisclosed sum.
Hampshire-based Leonard Gold has been an appointed representative (AR) of Clifton Wealth Partnership for the last two years while preparing for the sale.
This has meant that clients have transitioned to Clifton’s services and technology at the same time as being introduced to their adviser, who will be taking over from retiring principle Nas Khan.
Clifton Group financial planning director Anthony Carty said: “There have been many benefits of working with Leonard Gold as an AR firm, with clients not only becoming accustomed to our leading systems and processes, but it has also allowed us to work very closely with Nas on the transition of all clients to their new adviser.”
Acquisition spree
Since 2019, the Clifton Wealth Partnership has been allowing smaller advisory firms to compete with larger rivals by providing access to services and products under the Clifton umbrella – by joining via acquisition or AR status.
Portfolio Adviser sister title International Adviser spoke to Carty about Clifton’s plans for an acquisition spree in the UK financial advice market.
He added: “We have two firms at heads of terms going through the due diligence process and a number of others close to that stage. We would hope that we close on four acquisitions by the end of the year/early 2022.
“The assets under management for those four firms combined will be circa £600m – with approximately 13 employed advisers and 3,000 clients. This will take Clifton to approximately £1.3bn in total AUM, so a very meaningful expansion.
“We are looking at opportunities across the whole of the UK. Our pipeline currently covers Scotland, Wales, London, The Midlands and the north west.”
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