IFA consolidator Bellpenny has bought Glasgow-based IFA MGW for an undisclosed sum.
The deal is Bellpenny’s 13th acquisition since it launched last October and brings £141m of assets under advice. Its total FUM now stands at £1.25bn.
MGW is the second Glasgow-based IFA business purchased by Bellpenny, following its acquisition of K M Financial Advisers in August.
The majority of MGW’s clients are based in the central Scotland area.
Bellpenny chief executive Kevin Ronaldson says: “Following our recent purchase of KMFA, the MGW deal further strengthens our position in Scotland.
“This is the 13th deal we ha ve completed since we received FSA authorisation last October. It is a testimony to the energy and professionalism of the whole Bellpenny team that we have been able to sustain such strong deal-making momentum while also maintaining our operational rigour and strong service ethic on behalf of a rapidly-growing client base.”
MGW majority shareholder and former managing director Brian McKenna says: “We have had many overtures from prospective purchasers in the past however Bellpenny nailed their colours to the mast from day one, with a stated aim to become the UK’s most trusted financial advice brand.
“Nothing in my dealings with them over recent months makes me doubt either their intent, or ability, to achieve that goal.
“I am also satisfied that Bellpenny presents the best option to look after our clients in the future which has always been a major consideration for my fellow shareholders and for me.”