Wealth firm Solomon Capital Holdings has bought Gale and Phillipson for an undisclosed sum.
The deal will see Solomon take full ownership of the advice firm, with chief executive David Carr joining the executive team at Solomon following completion.
Founded in 1988, Gale and Phillipson has offices in London, Newcastle, Richmond and Northallerton from where its 34 advisers oversee the assets and financial affairs of over 3,500 clients.
The business also has its own discretionary fund management arm with around £500m of assets under management and an additional £900m in assets under advice.
This marks Solomon’s second acquisition since it was set up by ex-Quilter Financial Planning chief executive Andy Thompson (pictured) and chief financial officer Darren Sharkey. In June, the company acquired Beaufort Financial and You Asset Management.
Growth plans
Simon Goldthorpe, vice chairman of Solomon, said: “The acquisition of Gale and Phillipson means we now have the best possible foundations in place to really step up our acquisition and onboarding process.
“With a strong pipeline of high-quality deals already in place we will be adding considerable scale to the business over the coming months as we deliver on our aim to create a leading national advice and wealth management business serving in excess of 50,000 clients.”
Solomon is being backed by global private equity firm JC Flowers & Co.
This article first appeared on our sister publication International Adviser
