KMF brings £48m of funds under management and 250 active clients, with assets evenly split between investment and pensions business.
Backed by wealthy Los Angeles-based investor Oaktree, Reading-based Bellpenny has ramped up its acquisition activity this year having said in January that it was targeting up to 60 acquisitions before the second half of 2014.
Bellpenny’s CEO Kevin Ronaldson said: “This is our tenth acquisition and we’re seeing no evidence of a decline in interest and enquiries from prospective IFA sellers.
“The purchase of KMF means that Bellpenny now has a presence in Scotland, England and Wales. The deal establishes a platform for further expansion in Scotland and northern England, and is another important step on our journey to become a truly UK-wide financial planning operation.”
Bellpenny is not the only firm on the acquisition path with AFH Financial announcing this week it has secured commitments for £2.8m of fundraising to further fuel an expansion strategy that has seen it complete 14 IFA takeovers since June 2011.