new wm targets 60 ifa firms

Wealth manager Bellpenny is targeting up to 60 IFA acquisitions in the next 18 months and its current deals pipeline could see assets under advisement swell to around £1bn, according to a company spokesperson.

new wm targets 60 ifa firms


The firm, founded in October 2012, has just completed the purchase of four IFA businesses giving it around £300m in assets under advisement, and more than 2,500 active clients.

The acquisitions included Brunning Newman Houghton, Private Portfolio, Solutions Financial Services and Vermillion Wealth.

Bellpenny Chairman, Grenville Turner, said: “Bellpenny is off to a very strong start with the purchase of four IFA businesses, all with good-quality client bases. I have every confidence that many more IFA acquisitions will follow over the coming months as the full impact of the RDR is felt across the UK financial advice industry.”

Reading-based Bellpenny is following a focused IFA client acquisition and asset aggregation strategy.

The senior management team includes CEO Kevin Ronaldson, previously of Intrinsic Financial Services, and former Lloyds Bank director of mortgage, Nigel Stockton, as Director.

The firm is backed by global investment management firm Oaktree, which has more than $80m in assets under management, and its portfolio company Countrywide.

Of the acquisitions Ronaldson said: “It is no small step for those selling IFA businesses which have been built up over many years, with strong client bonds having been forged. That is why all the IFAs we have dealt with have taken such comfort from Bellpenny’s relentless client-focused ethos, and from the high standards of professionalism they see in every area of our business.”


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