Bellpenny, the consolidation vehicle backed by property services group Countrywide and US-based investment management firm Oaktree Capital Management, has gained FSA authorisation and agreed acquisition deals worth £400m of funds under management.
Bellpenny, led by Intrinsic Financial Services founder Kevin Ronaldson (pictured), announced its launch plans in May.
It has now received FSA authorisation and announced it has initial acquisition agreements in place which total £400m of funds under management. Bellpenny says acquisition deals in the pipeline account for an additional £600m funds under management.
Bellpenny chief executive Kevin Ronaldson says: “The initial acquisitions are proof of the strength of our proposition and a testament to the quality of the client-facing process we have been building since we announced our formation and funding back in May.
“We open for business as an already-significant player on the UK wealth management scene.”
Countrywide group chief executive and Bellpenny chairman Grenville Turner says: “I am delighted Bellpenny has progressed so quickly and is already at the forefront of offering IFAs options and opportunities in the lead up to RDR.”