Private Equity firm Duke Street has acquired a majority interest in IFA UK Wealth Management in a deal worth more than £10m.
UKWM was known as Yorkshire Investment Group until its rebrand in January, which saw former Co-op IFA chief executive Lynne Coleman prom-oted from managing director to chief executive.
The deal was negotiated by Duke Street partner Miles Cresswell-Turner and investment director Kate Mullord. The firm has not disclosed the amount paid but says it was a “low eight-figure sum”.
Cresswell-Turner, who was a non-executive director of Towry and worked for its private equity backer Palomon until 2008, says that Duke Street is looking to follow Towry’s model.
He says the company currently has £1.5bn under advice but is aiming to increase this to £5bn in the next five years.
Cresswell-Turner says: “We want to be one of the leading players in the IFA sector. I would expect to make more acquisitions such as this before the end of the year.”
UKWM has 38 advisers across five advisory firms within the group, plus an asset management comp-any and pension admin companies. Former Rothchild and Schroders chief executive Mike Bussey is chairman of the firm.
Coleman says: “Duke Street’s unique understanding of our market, combined with its impressive buy-and-build rec-ord, makes the company a perfect partner for UKWM as it plans for its next phase of growth.”