Worldwide Financial Planning has bought Tudor Investment Services, an IFA business within the Burns Anderson Network.
Tudor Investment Services will trade for the next year under the name Tudor Worldwide and will operate from the Worldwide offices in Worcestershire.
Tudor was set up in 1999 by financial adviser David Hobbs who specialises in investment work and deals mainly with high-net-worth clients. He brings an administrative team of three and over 1,000 clients with him to Worldwide. Tudor's annual turnover is approaching £400,000.
Worldwide now has 40 advisers dealing with life, pensions and mortgages. It says it is on target to achieve £3m gross turnover by the end of this year, which would be a 500 per cent increase on 12 months ago. The firm was set up in 1998 and is based in Truro, Cornwall. It now has seven offices with support staff of 20.
Worldwide chairman Andrew Bedford says he is in close talks with other firms and individuals as part of the operation's plan to expand and increase its pool of expertise. He says: “I expect to complete a further major deal by the end of this year.”
Worldwide managing director Peter McGahan says: “IFAs of our size have to grow both gross revenue and profits to continue to provide excellent service and advice to clients. Worldwide is on track to be one of the top 50 IFA businesses by gross turnover and profits within the next two years.”
Tudor principal David Hobbs says: “Tudor are a close, successful team but we needed to get some economies of scale and Worldwide can provide that for us and our clients.”