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Ascot Lloyd boss backs advisers to stay after Bellpenny merger

Dunbabin backs advisers to stick with business after merging with consolidator Bellpenny

Ascot Lloyd Bellpenny founder director Richard Dunbabin

Former Ascot Lloyd chief executive Richard Dunbabin does not think advisers will leave the business following its merger with consolidator Bellpenny, suggesting they should be “more settled” at the combined business.

Money Marketing today broke news of the merger between Bellpenny and Ascot Lloyd, which completed on 1 July.

Dunbabin’s new job title is Ascot Lloyd Bellpenny founder director.

The combined company has more than 100 advisers and more than 40,000 clients, as well as £6bn assets under advice.

Dunbabin maintains he is not concerned that advisers might leave following the deal.

He says: “They should be more settled. To be part of one of, if not the, biggest independent [firms] in the UK is pretty strong kudos. Why on earth would they want to go anywhere else?”

Dunbabin says there are several areas where Ascot Lloyd will benefit from the merger.

He says: “One of the benefits is they have got more of a vertically integrated model than we have so there will be efficiencies in that space.”

He adds: “It is a very similar strategy and dynamic. We have well-suited business visions and we are treading the same path. We are bigger and better together.”

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

Speaking to Money Marketing in January, Dunbabin attributed the change of heart to worries about inflation, interest rates rising and the economy as a whole against the backdrop of Brexit and the US presidential election.

We have well-suited business visions and we are treading the same path. We are bigger and better together.

He says: “We were looking at other opportunities. We were approached by Bellpenny and so it was a question of, we were on the same path so can we work together on this.”

He says the business considered other companies as well as Bellpenny.



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  1. Duncan Gafney 3rd July 2017 at 1:39 pm

    This article seems to confirm that at least some are worried the advisers won’t stick around..

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