Bellpenny, a UK-based wealth management firm, has completed the acquisition of Spofforths Financial Planning’s £100 million client book, Spofforths FP.
The deal includes Spofforth FP’s client bank and £100 million funds under management.
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The acquisition is Bellpenny’s twelfth and takes its overall assets under advice to £1.1 billion.
Spofforths Financial Planning managing director Philip Wise said that that the increased regulatory burden had been a factor in the firm’s decision to offload part of its client book.
Bellpenny CEO, Kevin Ronaldson, was said that firms such as accountants or lawyers who had financial planning arms, were open to deals following the retail distribution review (RDR).
"We’re talking to several other professional services firms which are now rethinking their wealth management strategy as we approach the first anniversary of the RDR," he added.
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