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Advice firm and DFM to float on Aim

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Financial planning firm and discretionary fund manager Harwood Wealth is to apply for admission to the Alternative Investment Market.

It has raised £13.5m ahead of the planned flotation, which will be used to fund acquisitions and infrastructure costs.

Harwood Wealth has completed 40 acquisition or share deals so far, including Meon Valley Financial Planning and investment management business Wellian Investment Solutions.

The business runs a vertically integrated model targeting clients with between £200,000 and £500,000 of investable assets.

It has over 80 advisers and assets under advice of over £1.25bn.

Harwood Wealth is jointly led by Neil Dunkley and Alan Durrant. Dunkley worked in Prudential’s high-net-worth division before co-founding Compass Wealth Management Group, which went on to become Harwood Wealth. Durrant was previously chief investment officer at Skandia and former investment director at Hargreaves Lansdown.

The company also has former Skandia chief executive Peter Mann among its non-executive directors, and its CIO is former Architas CIO Richard Philbin.

Joint chief executive Alan Durrant says: “Following the RDR the industry is undergoing significant structural change.

“Many advice firms have strong client books but unworkable, fragmented models, rising regulatory costs and a need to outsource certain functions or to be acquired.  All these factors create a significant opportunity for Harwood Wealth’s acquisitive growth strategy and the vertically integrated model.”

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