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Ascot Lloyd acquires rival consolidator

Ascot Lloyd has acquired West Midlands IFA Newell Palmer, taking the firm above the 100 adviser mark for the first time.

Newell Palmer has made a number of acquisitions itself this year, and will add at least £1.3bn in assets to Ascot Lloyd.

The firm says it will now have over £7bn in client funds, and is expecting a £50m turnover for 2019 on the back of the acquisition.

Ascot Lloyd will take control of three new offices in the region: Wolverhampton, Nuneaton and Bromsgrove.

Profile: Newell Palmer boss on keeping acquisitions simple

Newell Palmer will rebrand to Ascot Lloyd in the second half of 2019, mirroring the decision to take the Ascot Lloyd name when the firm acquired Bellpenny last year.

Ascot Lloyd chief executive Nigel Stockton says: “This is an important acquisition for Ascot Lloyd, adding an outstanding business of significant scale to the group. The deal also showcases the strength of Ascot Lloyd as one of the few IFA companies with proven capability in purchasing and integrating a business of Newell Palmer’s size.

“This is the third year running…in which we have completed a major acquisition and this will continue to be part of our strategy.”

Investment uncovered: How IFA Newell Palmer invests

Newell Palmer has made a total of 51 acquisitions since it was established 25 years ago.

In October, when it sealed its latest deal, the firm said it would “look forward to completing further acquisitions in the coming months”.

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  1. So the October statement was clearly a smokescreen given it was in the throes of completing a sale to Ascot Lloyd at the time.
    Also, I wonder what some of the advisers who have recently been acquired think? I wonder if any opted for Newell Palmer having looked at Ascot Lloyd and thought…”not for me”? What do they now think of being part of the Ascot Lloyd operation?

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