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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.



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