Bellpenny is acquiring Price Bailey’s client bank and funds under management.
This is Bellpenny’s second accountancy IFA acquisition in less than a week.
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Due to the deal, Bellpenny will take charge of 1,700 of Price Bailey’s active clients and funds under management, valued at GBP150 million.
Price Bailey will continue to operate with a smaller advisory team focusing entirely on ultra-high net worth clients and employee benefits.
Bellpenny acquired Tunbridge Wells-based Foot Davson earlier in May, marking the start of the firm’s aim to relieve accountancy firms of their IFA businesses in the aftermath of RDR.
Kevin Ronaldson, CEO of Bellpenny, said: "The completion of a second accountancy sector deal in as many weeks underpins our belief the Bellpenny model is very attractive to professional services firms rethinking their approach to financial services. Some, like Price Bailey, are looking to reshape their wealth management operations, while others have decided to exit the market completely."
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