The assets that were acquired includes PSL’s client list consisting of approximately 8,000 active private clients and non-cash assets under management (AUM) relating to those clients, valued at approximately GBP400 million.
According to WH Ireland, transaction will increase its number of private client stockbroking clients by approximately 50% and total AUM by approximately 25%.
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WH Ireland chief executive Paul Compton said, "The transaction increases our regionally based private client business and moves our nominee funds total forward. It provides an immediate resolution to what had become a worrisome situation for Prichard Stockbroker’s clients."
Regarding the acquired clients, Compton remarked, "We welcome them to WH Ireland and look forward to meeting their financial needs. We fully expect this transaction to be earnings enhancing in the first full year following completion."
The purchase move comes after the FSA issued a First Supervisory Notice to PSL preventing them from undertaking any further regulated activities, stating that PSL had used client money for its own expenses, thereby putting client money at risk.
FSA had also frozen the firm’s asset and had instructed them to inform clients that it had been barred for working for them.
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By GlobalDataThe completion of the purchase transaction will see WH Ireland undertaking regulated activities for those of PSL’s clients that have been transferred to them.
