British wealth manager Bellpenny is set to launch an independent advice unit following its takeover of EFG Independent Financial Advisers (EFG IFA) for an undisclosed sum.

The transaction will add £650m in assets to Bellpenny’s books, taking its total assets over £3.5bn. Over 800 clients and 11 advisers will join the consolidator as part of the deal. 

The new business will be known as Bellpenny Independent Advisers Financial Planning.

Bellpenny CEO Nigel Stockton said: "The EFG IFA acquisition fits into our fewer, larger deals strategy and it's an exciting start to the year with much more to look forward to. 

"Our new independent advice service is another great example of the added value we are able to provide to clients, and the future of the Bellpenny service."

EFG IFA, which has offices in Wolverhampton, Birmingham and London, was originally created following the acquisition of Ashby London and Platts Flello.

EFG IFA executive chairman Peter London said: “Bellpenny thought very hard about the structure of the deal to ensure that everything is set for the BIA business to grow strongly in the coming years."