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.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

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."