View more on these topics

Succession gets back on IFA acquisition trail with two deals

National consolidator Succession has acquired Inverness-based MacKenzie Investments, co-directed by former Institute of Financial Planning director Phil Billingham.

It has also purchased Cheltenham IFA Warwick Butchart Associates.

Both firms were acquired in August and brought a combined £350m of assets under advice to Succession.

Chartered financial planner McKenzie Investments has four planners including one trainee and has offices in both Inverness and Elgin.

Billingham joined the board first in 2012, soon after the firm was set up, and is understood to have been helping to grow the business while continuing to run his own businesses which include Perceptive Planning and Financial Planning Without Borders.

Succession targets larger IFAs as it changes buy-out model

Billingham left the board of the Scottish firm in August when it was purchased.

Warwick Butchart, which was established in 1998, also has four advisers.

Succession proposition and marketing director Mark Stokes says: “Succession is focused on its second-stage growth strategy and, since James Stevenson became group chief executive in January, the business has been refocusing its energies towards substantive, value-creation acquisitions.”

Stokes says strategy is in addition to acquiring smaller firms managing between £100m and £300m of clients’ investments.

The purchases are Succession’s first since January when it announced it had bought Independent Advisors (Scotland) and Fergus Muirhead based in Glasgow; City of London’s Booth Wealth Management and Rossmore Financial Services in Warwickshire. The combined assets of the four purchased firms was £255m.

Recommended

Andrew-Bailey-Conference-Alt-2013-700x450.jpg
2

FCA’s Bailey: Pension freedoms are the right course to follow

FCA chief executive Andrew Bailey says the pension freedoms are the right approach to help individuals deal with the increasing complexities of retirement. In a speech delivered on Saturday about the watchdog’s view on pensions, Bailey argues the context in which individuals have to make decisions about retirement is becoming more nuanced. He says the […]

1

Auto-enrolment arrives but is it a done deal for small firms?

When business secretary Vince Cable told the Liberal Democrat party conference he had defeated the Tory “headbangers” who “find sacking people an aphrodisiac”, there was little doubt who he was thinking of – Adrian Beecroft. The Beecroft report, which was commissioned by the Government and published in October last year, contains a series of radical […]

FCA logo new 3 620x430

FCA bans former Deutsche Bank trader

Former Deutsche Bank trader Christian Bittar, who was sentenced to more than five years in prison in July, has been banned by the FCA. In April last year, the FCA issued a decision notice to Bittar that imposed a £6.5m fine. Bittar referred that notice to the Upper Tribunal. Those proceedings were stayed in August […]

Money-Cash-Coins-GBP-Pounds-UK-700x450.jpg
97

How much are advisers charging for pension transfers?

Defined benefit pension transfer charges are being put under the microscope again as the regulator turns over more potential conflicts of interest. With the British Steel Pension Scheme the latest to dominate headlines and the FCA ready to interrogate further as it extends its review to include all firms authorised to give pension transfer advice, […]

2016 Global Survey of Individual Investors: How is investor behaviour rewriting the job description for financial professionals?

Trapped between expectations for near double-digit returns and strong apprehensions about investing in persistently volatile markets, investors worldwide are of the opinion that professional financial advice is worth the fee. But even though they believe individuals who work with a financial professional are more likely to achieve their goals, investors have a clear vision of […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com