Bellpenny, a UK-based wealth manager, has purchased two IFA firms worth £187 million for undisclosed sums.
The acquisition of Actuarial and Investment Services and The Hammond Consultancy will boost Bellpenny’s total assets under advice to £1.45 billion.
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London-based Actuarial and Investment Services will bring 500 clients and £75 million in assets under advice to Bellpenny, while Birmingham-based The Hammond Consultancy will bring 1000 clients and £112 million in assets under advice.
Kevin Ronaldson, CEO of Bellpenny, said: "The retail distribution review (RDR) was very much the catalyst for the formation of Bellpenny and, 12 months on from its introduction, the reverberations continue to be seen across the UK advice sector.
"It’s fair to say that every one of our 15 deals to date can be attributed, to a greater or lesser degree, to the RDR, the after-effects of which will be felt by our industry for many years to come."
John Cerone, director of The Hammond Consultancy, added: "Bellpenny’s flexible attitude to deal structures helped facilitate what I believe to be a mutually advantageous outcome for our businesses."
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