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Bellpenny picks up £157m in Croydon IFA acquisition

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National wealth manager Bellpenny has acquired Croydon advisory business Trustee Asset Management for an undisclosed fee.

The deal boosts Bellpenny’s funds under management by £157m and takes the consolidator’s number of acquisitions to 30 since it launched.

TAM shareholders and advisers Bob Bradley and Nick Bird will join Bellpenny following the completion of the deal.

Bellpenny acquisitions director Dominic Rose says: “Every IFA business is different and every IFA owner has unique personal circumstances and objectives.

“Here we were able to design a deal structure that met the aspirations of all four TAM shareholders, whilst also ensuring the smoothest of transitions for clients.

A statement from Bradley and Bird says: “It will be great to have far more time to devote to doing what we enjoy most – advising clients – as we will no longer be distracted by running a business. Meanwhile our former colleagues at TAM are able to pursue their own preferred path.”

This month Bellpenny announced Countrywide financial services director Nigel Stockton would replace Kevin Ronaldson as chief executive.

Stockton, who has been a Bellpenny director since it was founded, will take over the role in September, while Ronaldson will become founder director.

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Apple: a stellar technology story

By Ali Unwin, head of technology sector research

Apple recently announced the highest-ever recorded quarterly net profit ($18bn), with the sale of 74.4 million iPhones helping the company deliver $74.6bn of revenue for the quarter ending December 2014. These sales were largely driven by strong demand for the new iPhone 6 and iPhone 6 Plus. Highlights included Chinese iPhone sales doubling year-on-year and unit growth of 44% in the US — supposedly a well-penetrated market. Apple ended the quarter with $178bn in cash on its balance sheet, having generated a staggering $30bn in free cash flow during the quarter.

At Neptune, we have been long-term believers in the Apple story, and continue to hold the stock in a number of our portfolios based on the company’s long-term growth prospects. This is predicated on our belief that Apple has proved thus far that it can — unusually for a consumer electronics company — maintain high margins for a sustained period of time, even as adoption of new technology slows down and competitors produce similar-specification products.

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