The acquisition will see see Moneygate take over Beacon’s existing IFA operation which includes personal and corporate financial services allowing Beacon Group to focus on its core mortgage ending business.
Beacon Asset Management’s operation and staff will move shortly to new premises and begin trading under the Moneygate brand while Beacon Group will continue from its Marlow headquarters. Beacon Asset Management has around 3,500 high-net worth clients.
Moneygate chief executive Lee Hartley says: “There are no plans to change the way Beacon Asset Management operates but we do intend to invest in the business and grow it from its present position. We will work closely with the team to ensure the transition is seamless – especially for our clients.”