Wealth management firm Bellpenny has completed its acquisition of Surrey-based firm Entire Wealth Management, taking Bellpenny’s total assets under advice to more than £950 million (US$1.46 billion).
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The transaction, which was closed for an undisclosed sum, sees more than 1,000 active clients transfer to Bellpenny and £100 million (US$153.6 million) in assets under advice.
Kevin Ronaldson, CEO of Bellpenny, said: "Six months on from RDR implementation, we are seeing no evidence of a decline in interest from prospective sellers of IFA businesses. This has enabled us to remain very selective in our acquisition strategy.
"Entire Wealth Management, with its high-quality client bank, is yet another excellent fit. Our focus remains on continuing to grow the business at a pace consistent with delivering a premium service to clients," added Ronaldson.
Simon Youlton, managing director of Entire Wealth Management, said: "The Bellpenny team has built a next-generation advisory operation that is an excellent cultural fit with our own and, with the full backing of our staff, it makes complete sense to be part of this exciting business."
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