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Ascot Lloyd advisers exit for consolidator

The advisers will add nearly £30m in assets under management to Fairstone

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Fairstone Group has hired two independent advisers from Ascot Lloyd.

Paul Adams and Simon McGechie have joined the consolidator, bringing with them more than 300 clients and nearly £30m assets under management.

Money Marketing revealed this week that a sale of Ascot Lloyd is thought to be imminent. Sources have linked the business with Bellpenny.

Ascot Lloyd closes in on sale

Fairstone chief executive Lee Hartley says: “We are always looking for ambitious advisers who want to see a step change in their business and take advantage of the considerable benefits that Fairstone has to offer.”

He adds: “Having reviewed a number of alternatives we are very pleased that Paul and Simon recognised the support that Fairstone can bring to bear and we look forward to working with them.”

An Ascot Lloyd spokesman adds: “Ascot Lloyd’s policy during the preparation for the IPO last year was for all our independent financial advisors to be employed by the company. Although there were exceptions to this policy after the IPO was discontinued, Paul Adams and Simon McGechie, did not wish to become employed advisers of the firm and choose to leave Ascot Lloyd at the end of 2016.”

Ascot Lloyd abandoned plans to float on the AIM market in October last year.

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