Swiss financial services provider VZ Group has acquired a 50.1% stake in financial advice company Lumin Wealth to gain a “strategic foothold” in the UK financial advice sector.
VZ Group said there were “similarities” between the Britain and Switzerland in terms of the savings market.
VZ is a Swiss financial services provider headquartered in Zug. Founded by Matthias Reinhart, who holds a majority stake, VZ has been listed on the Swiss Exchange since March 2007.
Lumin was set up by Martin Cotter and John Cusins and manages over £600m in assets under management with over 40 employees. The wealth firm currently has offices in St Albans and London, but managing director Cotter said that it will look to “expand regionally over time”.
The IFA firm has “ambitious plans to continue building the business and this tie-up with VZ is the logical next step in accelerating this growth”, through a strategy of “augmented organic and inorganic growth” as the advice company will look at “selective acquisitions”.
Portfolio Adviser sister title International Adviser reported on Lumin’s most recent acquisition of St Albans- and London-based Hertfordshire-headquartered Chamberlain Stean and West (CSW) in March 2021.
Expansion
The Lumin Group board currently comprises Cotter, Cusins, Sarah Oluwole, Mike Felton, Jon Hussey and George Williams. Markus Graf, Urs Feldmann and VZ’s Andy Schaer will join.
Cotter said “there will be no job losses at Lumin as a result of the transaction”.
“In contrast, we expect to make frequent hires to support the growth of our business.
“We will recruit this year/are currently recruiting in St Albans and/or London to execute on our joint business plan.”
‘Ideal springboard’
VZ Group founder and chief executive Reinhart said: “Lumin is an ideal springboard for VZ to build market presence in the UK long term in the context of our growth ambitions. Our respective cultures and vision are closely aligned, with client’s best interests at heart.
“Lumin is a like-minded, modern and trusted firm focused on transparency and professionalism. We much appreciate how the highly motivated Lumin team has embraced the benefits of coming together and look forward to a bright future for everyone involved.”
Lumin’s Cotter added: “We could not wish for a more formidable partner and take pride in VZ’s endorsement. VZ’s package of financial planning DNA, long-term horizon and financial muscle provides us with an unparalleled opportunity.
“We have been impressed by VZ’s proven track record in developing differentiated propositions with clear client benefits. We are highly excited that we can further improve the service we provide our clients and offer a dynamic environment for aspiring financial advisers as we expand the business together.”
For more on international financial planning, please visit international-adviser.com
