MWA Financial has roped in former M&G equity boss Ed Rosengarten as it eyes plans to become a national IFA firm.
Rosengarten, who has been a strategic adviser to the business since 2019, is now executive chairman and will help the firm execute its growth strategy.
Before joining MWA, Rosengarten was head of funds at Smith & Williamson and prior to that, spent 20 years at M&G, the last 10 years as chief executive of the firm’s equity business.
MWA is planning to acquire a number of quality advice firms over the next three-to-five years and has secured undisclosed funding from investment manager Triple Point.
The MWA group already owns Eversley Wealth Management, a Hertfordshire-based advice firm offering investment, tax planning, pension, protection, and mortgage services.
MWA snaps up Hampshire-based IFA
Rosengarten’s appointment was revealed alongside an announcement that MWA had acquired its second business, Hampshire-based Prosperity Financial Advisors & Stockbrokers.
The deal takes MWA’s assets under influence to £300m and its adviser headcount to 15.
Under the terms of the agreement, Prosperity will keep its branding within the MWA group. Prosperity co-founders Mark Newman and Jasper de Zoeten will remain in their positions until the transition is complete.
The financial terms were not disclosed.
‘Big plans’
MWA Financial chief executive Campbell Banks said: “We have big plans for MWA and want to kick on with our growth strategy from here, which will involve targeted acquisitions where we feel a business can add value to the group.
“But our goal is not simply to buy firms, slash costs and strip away the elements that made them successful in the first place.
“Rather, we want to work with them to embrace and enhance their strengths and to offer expertise and counsel, where needed, to help them provide an even better service to their clients.
Triple Point head of business development Matt Holloway added: “We are looking forward to working with MWA Financial and the wider management team as they seek to acquire high quality IFA businesses and are excited about the long-term partnership that we can build.”
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