IFA consolidator Bellpenny has bought Glasgow-based IFA MGW for an undisclosed sum.
The deal is Bellpenny’s 13th acquisition since it launched in October 2012 and brings £141m of assets under advice and aorund 1,000 clients. Bellpenny’s total assets under advice now stands at £1.25bn.
MGW is the second Glasgow-based IFA business bought 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: “This is the 13th deal we have completed since we received FSA authorisation. 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.
”I am satisfied 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.”
Jacksons Wealth Management managing director Pete Matthew says: “There will be fire sales while the RDR process works itself out. Bellpenny has 13 very different sets of people so the big job will be to bring them all together in a cohesive unit. I would not want to do it.”