View more on these topics

Ascot Lloyd and Bellpenny agree merger deal

Money Marketing first tipped the deal, which will create a combined business of over 100 advisers and £6bn in advised assets

Nigel Stockton

Bellpenny and Ascot Lloyd have agreed to merge, creating a company with £6bn in assets under advice, Money Marketing can reveal.

The merger completed on 1 July. Money Marketing first tipped a deal was on the cards in May.

The combined company has more than 100 advisers and more than 40,000 clients, which it claims makes it one of the largest independently owned wealth management businesses in the UK.

Bellpenny chief executive Nigel Stockton will be chief executive of the new business and Bellpenny chief financial officer Matthew Moore will take on the same role at the new company.

Ascot Lloyd group chief financial officer Iain Balchin has left the company.

According to the FCA register, Balchin’s role at Ascot Lloyd ended on 23 May. He joined the company from St James’s Place in February 2016.

Ascot Lloyd chief executive Richard Dunbabin and founder director Pat O’Hara will assist the executive team.

The value of the merger is not disclosed and both businesses are now owned by Bellpenny’s private equity backer Oaktree Capital Management.

The combined business also includes Bellpenny’s independent advice arm, BIA Financial Planning. All three businesses will keep their brands.

BIA Financial Planning acquired EFG Independent Financial Advisers in January and, at that time, Stockton reaffirmed the company’s “fewer, larger deals strategy”.

He now says: “The new entity merges two near-identical sized businesses with similar structures and closely-aligned client propositions. It delivers material long-term benefits and expanded opportunities for both companies’ private and corporate clients, along with increased resources and expertise.”

Dunbabin says the merger gives Ascot Lloyd the financial backing to grow the business and wants the deal to be the most successful either company has done to date.

He says: “This can only provide greater stability, security and comfort to our clients – qualities that are at a premium in these uncertain economic and political times.”

Independent M&A advisory firm Quayle Munro acted for Oaktree Capital Management and Bellpenny on the transaction.

Recommended

Outlier-Independent-Isolated-Unique-One-and-Only-700.jpg

Bellpenny to launch independent advice arm

Bellpenny is moving into independent advice through its latest acquisition as it kick-starts a new arm, Bellpenny Independent Advisers Financial Planning. The consolidator has bought 11-strong adviser firm EFG Independent Financial Advisers for an undisclosed fee, subject to the FCA authorising a change of control. EFG has £650m in funds under management and more than […]

Global equities: time to de-risk?

While equity valuations have doubled since the financial crisis, Simon Edelsten explains that there are still pockets of value. But not where you might think Macro-economic uncertainty is causing turbulence in equity markets. Artemis Global Select Fund manager Simon Edelsten says his investment themes are taking him in a different direction to some of his peers – away […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment