Independent wealth management business Succession Wealth has bought financial advice firm Oxford Advisory Partnership (OAP) for an undisclosed sum.
This marks Succession’s 60th acquisition since 2014, and is the second of 2022 following the purchase of Pannells.
The deal adds £175m in client assets, taking total assets under management for the group to £9.6bn.
OAP was founded in 2001 and offers retirement planning, investment advice, tax planning, and long-term care.
It also has a longstanding relationship with the University of Oxford, advising current and retired academics on their financial needs, including the Universities Superannuation Scheme.
M&A pipeline
James Stevenson, chief executive of Succession Group, said: “While this marks our fourth acquisition since December, it does not signal a change in our corporate strategy. We remain open to opportunities when they can benefit both parties but are not seeking to build scale for its own sake. To that end, we have been delighted to receive notable approaches direct from financial planning firms across the country in recent weeks.”
Steve Penniston, director at Oxford Advisory Partnership, added: “After 20 years of growing OAP, we felt partnering with a leading national firm would help take our business and client service to the next level.
“We looked for a firm that shared our values, and it was clear from our discussions that Succession is a people-oriented business that puts clients first and understands their evolving needs. This includes a strong grasp of ESG, which is hugely important to our clients and therefore a key consideration when speaking to potential partners.”
