National IFA Bellpenny has completed its biggest deal to date with the acquisition of Surrey-based MDM Associates.
The deal brings £322m in assets under advice, and adds four advisers and around 1,000.
The acquisition, completed for an undisclosed sum, is Bellpenny’s 17th acquisition since the firm launched its IFA consolidator model with backing from Oaktree Capital and Countrywide in October 2012.
The acquisition takes the firm to a total of around £1.8bn in assets under advice.
Bellpenny chief executive Kevin Ronaldson says: “This is the biggest deal we have completed to date and is all the more notable because MDM has long been established as one of the foremost IFA businesses in the south of England.
“Clients transferring across to Bellpenny will rightly have very high expectations that we will maintain the high standard of care they have become accustomed to and we will spare no effort in delivering on this.”
MDM managing director Lisanne Mealing says: “This deal will ensure long-term continuity for clients. It will also offer an outstanding career path, with a wealth of opportunity for MDM staff moving across to Bellpenny.”