British wealth manager Bellpenny has completed the acquisition of Colchester-based Hansen Lloyd Asset Management, bringing the number of completed deals to 18.
The acquisition includes £75million of funds under management with the majority of clients based in Essex area.
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As part of the deal, around 1,000 active clients will move to Bellpenny’s national advice business together with its advisers.
The deal will boost Bellpenny’s assets under management to over £1.8 billion.
Kevin Ronaldson, CEO of Bellpenny, said: "For Hansen Lloyd clients this will translate into to a highly personal, professional service delivered by locally-based planners."
Colin Linscott, former owner of HLAM, said: "Having made the decision to retire, my two main priorities were straightforward: to achieve a fair price for the business and to ensure that I’d be leaving my clients, many of whom have become personal friends, in the most capable and professional of hands.
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By GlobalDataBellpenny currently has assets of more than £1.5 billion.
