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Succession acquires LRH Wealth Management for £3m

Succession has bought LRH Wealth Management for over £3m as it eyes another 17 acquisitions this year.

The purchase is Succession’s eighth so far, with the group spending more than £33m buying advice businesses.

Halifax-based LRH Wealth Management was formed in 2007 and joined Succession in 2010. It has more than £100m in funds under management.

Succession says it expects more deals to be announced in the next month.

Succession Group chief executive Simon Chamberlain says: “We have accelerated our acquisition programme and are on schedule to acquire at least 17 wealth management businesses by year end, establishing a significant branded presence across the UK.

”Our target is to acquire the best 50 firms from the membership of Succession Advisory Services by 2017.”

In January, Succession Group sold a 50.1 per cent stake in the company to Inflexion Private Equity in a deal that provided capital for acquisitions.

In May, Cornerstone Financial Planning and Hopkinson Associates become the sixth and seventh firms acquired by the business, adding around £100m in assets under advice.

Last year, Succession bought Smart Wealth Management, Campbell Dallas Financial Services, The Financial Management Group, Westminster Financial Planning and Westpoint Financial Consultants.

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