National wealth manager Bellpenny has acquired London advice firm Cranfield Financial Services for an undisclosed sum.
The deal sees Bellpenny take on around 500 active clients and £196m of assets under advice. Four financial planners will also join Bellpenny as part of the deal.
The acquisition is the 29th made by Bellpenny since it was founded in 2012.
Last week the wealth manager appointed Countrywide financial services director Nigel Stockton as chief executive, replacing Kevin Ronaldson. Stockton will take over as chief executive in September, with Ronaldson becoming founder director.
Bellpenny acquisitions director Dominic Rose says: “Cranfield is our largest acquisition of the year so far and we will be making further announcements shortly as we continue to grow by acquiring like-minded businesses.”
Cranfield Financial Services managing director Bill Brown says: “Credit to Bellpenny for developing a clear, flexible and compelling proposition. My fellow shareholders and I were particularly impressed that the interests of our clients and their future wellbeing were seen as paramount when negotiating the terms of the sale.”