Succession and Towry have set out their acquisition strategies for 2014, with Succession planning to acquire a further 10 firms this year.
Succession hopes to increase platform assets under administration from £1.5bn as at September to £7bn by 2017. It completed its first five acquisitions in 2013 for £12m.
Speaking to Money Marketing, Succession Group chief executive Simon Chamberlain says: “We will continue our consolidation programme having acquired the first five last year and anticipate buying at least ten more in 2014.”
Towry bought Bluefin Personal Consulting from Axa in September, acquiring around £500m in assets under advice.
Last year Towry also agreed deals to acquire Norscot Financial Services, George Square Fund Managers and Deverill Black and expects to announce further acquisitions this year.
Head of client propositions David Middleton says: “There are lots of small businesses looking at whether it still makes sense to be a small four to five-person business or whether to align themselves to a business 700-800 strong.
“We bought three such business in 2013 and we expect we will probably buy some more through the course of 2014.”
He adds the firm will not be drawn into bidding wars. He says: “There are other businesses out there looking to buy companies that we might be attracted to. We are very firm in how we evaluate companies and we are not going to be forced into overpaying for something or taking a wrong commercial step.”
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