Bellpenny, a UK-based wealth manager, has completed the acquisition of MGW, a Glasgow-based IFA business for an undisclosed sum.

The deal, which marks as Bellpenny’s thirteenth acquisition and second in Glasgow, will boost its assets under advice by £141million.

As part of the acquisition, most of MGW’s clients will be based in the Central Scotland area.

Bellpenny’s CEO Kevin Ronaldson said: "Following our recent purchase of KMFA, the MGW deal further strengthens our position in Scotland. This is the 13th deal we’ve completed since we received FSA authorization last October.

It’s a testimony to the energy and professionalism of the whole Bellpenny team that we’ve been able to sustain such strong deal-making momentum while also maintaining our operational rigour and strong service ethic on behalf of a rapidly-growing client base," he added.

Brian McKenna, former managing director and majority shareholder of MGW Ltd said: "We have had many overtures from prospective purchasers in the past however Bellpenny nailed their colours to the mast from day one, with a stated aim to become the UK’s most trusted financial advice brand. "

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