View more on these topics

Succession completes £6.2m advice acquisition

Chamberlain-Simon-Succession-2013-700.png

Succession Group has completed a £6.2m deal to acquire Edinburgh Investment Consultants.

The deal is the firm’s biggest acquisition this year, and will add £120m of funds under management to Succession’s national wealth management advisory business.

Last month, the firm completed four further acquisitions, bringing total assets under management to £10.5bn, and laid out plans to acquire 50 businesses by the end of 2017.

The deal comes nine months after EIC joined Succession as a member business, and all staff, including chief executive Lesley Mackintosh, are expected to join Succession.

It will also provide Succession with its first dedicated office in Glasgow.

Mackintosh says: “I have no plans to exit the industry, and this acquisition allows me to enjoy a capital event now while still remaining very active in the business, particularly continuing to give the same advice and service to my clients as I have done to date. ”

Succession chief executive Simon Chamberlain adds: “Succession’s client-centric approach means acquired firms do not have to sacrifice their long-held and hard-fought principles around independence and our three specialist client propositions ensure an uncompromising continuity of service.

“When you see IFAs selling their client banks to the restricted proposition of other consolidators, you have to ask how their clients feel about that.

“Acquired businesses, including the owners and their teams, are quickly integrated into our framework, which combines financial planning and advice with comprehensive investment services – providing the widest choice of funds available and a robust governance to manage them – to help clients achieve their unique and individual financial goals.”

Succession was advised on the acquisition by law firm Foot Anstey.

Recommended

Chamberlain-Simon-Succession-2013-700.png

Succession targets 50 acquisitions by 2017

Four firms have joined Succession Advisory Services as members, with Succession planning to acquire 50 of its best performing members in the next two years. The firm has today announced its four latest members, boosting combined assets under management by £400m to a total of £10.5bn. The new memberss are Harrogate-based Prosperitas Financial Solutions, Retford-based […]

Chamberlain-Simon-Succession-2013-700.png

Succession Group acquires IFA for £2.9m

Succession Group has acquired independent advice firm DNG Financial Solutions for £2.9m. DNG Financial Solutions has offices in Daventry and Northampton. The deal, which is subject to FCA approval, is Succession Group’s 14th acquisition. Succession Group chief executive Simon Chamberlain says: “Our proven consolidation and acquisition model ensures rapid integration of member firms and provides […]

Chamberlain-Simon-Succession-2013-700.png

Succession Advisory Services posts £1.4m profit

Succession Advisory Services has reported a £1.4m pre-tax profit for 2014, up from £384,981 the previous year The platform and consultancy business is part of Succession Holdings, which also owns national advice firm Succession Group. It reported a 29 per cent increase in funds under management, from £1.6bn in 2013 to £2.1bn in 2014. Turnover […]

Chamberlain-Simon-Succession-2013-700.png

Succession recruits Sesame IT director

Adviser consolidation firm Succession has recruited Sesame IT director James Stevenson as group operations director. Stevenson will join Succession next month to lead the integration of acquired member firms, with particular focus on the consolidation of back-office systems and operational performance. Stevenson was previously director of adviser technology propositions at Sesame, the advice network owned […]

Time to stop the salami slicing on tax relief

Steve Webb  – Director of Policy and External Communications As the Autumn Statement approaches, Steve Webb calls for the Government to stop tinkering with tax relief. Twice a year, in the run-up to the Spring Budget and the Autumn Statement, we face a torrent of speculation as to what changes the Chancellor might make to […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. IS this just hyperbole, or did Succession actually write a cheque for this amount? Somehow I doubt it.

  2. £6.2m for £120m of AUM? £620k, surely?

Leave a comment