UK-based wealth manager Bellpenny has acquired Winchester-based City Wealth Management Independent Financial Advisers continuing its acquisition spree following the purchase of Farnham-based advisor Legal and Professional Services in March 2015.
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The acquisition will add 100 active clients and £31m of assets under management to Bellpenny’s portfolio.
City Wealth Management advisor and director Andrew Gibson will not be joining Bellpenny, but he will work with Bellpenny to facilitate the transfer of clients.
Bellpenny CEO Kevin Ronaldson said: "There will always be keen competition amongst potential acquirers for high quality, well-managed IFA businesses such as this."
City Wealth Management directors Andrew and Angela Gibson added: "In assessing the various sale options open to us, the priority was to ensure that clients would benefit from a real sense of continuity in this regard. Of all the companies we spoke to, it was clear that Bellpenny is best-equipped to deliver this."
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