IFA consolidator Bellpenny has added £75m in assets under advice with the acquisition of Hansen Lloyd Asset Management for an undisclosed sum.
The acquisition of the Essex-based firm is Bellpenny’s 18th deal since it launched in 2012 with backing from US investment firm Oaktree Capital.
The deal sees 1,000 clients transfer to Bellpenny’s national advice business along with its advisers.
Bellpenny chief executive Kevin Ronaldson says: “Bellpenny’s business model hinges on providing continuity of service and care. For Hansen Lloyd clients this will translate into to a highly personal, professional service delivered by locally-based planners. We are naturally pleased with our continued strong growth, but it is the quality of our client proposition and service that will define us in our journey to become UK’s most respected financial advice brand.”
Hansen Lloyd founder Colin Liniscott says: “Having made the decision to retire, my two main priorities were straightforward: to achieve a fair price for the business and to ensure that I would be leaving my clients, many of whom have become personal friends, in the most capable and professional of hands. This clarity of purpose made the choice of Bellpenny as preferred purchaser very straightforward.”