National IFA group Bellpenny has acquired the client bank of Price Bailey Financial Planning, the IFA arm of accountancy firm Price Bailey Chartered Accountants, for an undisclosed sum.
The deal sees 1,700 active clients move across to Bellpenny with funds under management totalling £150m.
Following the acquisition, Price Bailey will focus on ultra-high net worth clients and employee benefits.
The deal is the second acquisition by Bellpenny this month following the purchase of Tunbridge Wells-based Foot Davson Financial Services, the IFA arm of accountants Foot Davson, for an undisclosed fee.
Bellpenny chief executive Kevin Ronaldson says: “The completion of a second accountancy sector deal in as many weeks underpins our belief that the Bellpenny model is very attractive to professional services firms rethinking their approach to financial services.
”Some, like Price Bailey, are looking to reshape their wealth management operations, while others have decided to exit the market completely.”
Price Bailey partner James King says: “The partners of Price Bailey concluded that, in light of the RDR, the optimum structure for our financial services practice is a smaller operation, focused on very high-net worth clients.”
Cambourne Financial Planning director Mark Loydall says: “Accountancy firms may be looking like an increasingly attractive proposition because their client agreements may well be more robust.”