Benchmark Capital, financial planning solutions provider and a part of the Schroders Group, has acquired the remaining stake in buying advice firm Redbourne Wealth Management.
The acquired entity will form part of Benchmark’s national advice business and will add £310m to the current £1.8bn in client assets.
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Schroders spokesperson confirmed to International Adviser that it had acquired a 67% stake in 2018 and now it has acquired 33% stake.
After the transaction, the count of financial planners will also grow to 56 across eight offices in the UK.
Redbourne has offices in Stratford upon Avon, Shrewsbury, and Bromsgrove and offers Benchmark a presence in the West Midlands.
Redbourne Wealth Management managing director Gordon Hay said: “We have had a long-standing relationship with Benchmark, who have supported the growth of our business over the last few years, and this is the next phase in securing a strong and aligned future for our clients and our staff.
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By GlobalData“Whilst there are many options for firms considering an exit, we believe the values and vision of Benchmark are best aligned with ours, and this allows us to continue to deliver great client outcomes without compromise.”
Benchmark is focussed on aiding financial planning firms at every phase, right from starting up, operating it efficiently, bolstering growth, and succession planning, reported FT Adviser.
Benchmark Capital managing director Ed Dymott said: “Benchmark Capital has worked successfully with Redbourne for many years, there is a strong cultural fit between the two firms with a shared focus on delivering the best possible client outcomes – we are delighted to formally welcome them as part of Benchmark Capital.
“This acquisition provides continuity for Redbourne’s clients and staff, all of whom will remain in the business. It is a clear demonstration of how we help financial planning firms across their different needs.”
Besides being the 26th IFA firm acquisition for Benchmark, this deal marks the first in a spate of acquisitions expected to close in 2022.
