UK-based Clifton Asset Management has purchased financial adviser Mark Phillips for an undisclosed amount.
Based in Caerphilly, Wales, Mark Phillips is an independent financial advisor (IFA) with more than 40 years of experience. The firm is owned by financial adviser Mark Phillips.
The acquired firms together have £350m of assets under management (AUM).
The new deal has increased Clifton’s AUM to more than £1bn. It will also help Clifton to add over 250 clients with £40m of AUM into its portfolio.
Owner of Mark Phillips will work with Clifton in the next few years to facilitate the transition of clients.
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Clifton group director of financial planning Anthony Carty said: “This latest acquisition also highlights that our planned acquisition strategy is on course and delivering value to clients as planned. We aim to complete on several other acquisitions in the early part of 2023.”
The company plans to conclude at least five deals by the end of this year or early next year.
Phillips said: “I looked at a variety of options and talked to potential acquirers but after a very positive series of meetings I knew that Clifton was a good fit for my clients.
“They are clearly very competent and having made multiple acquisitions they are very experienced in smoothly transitioning clients across over to the Clifton proposition.
“Many of my clients have been with me a long time, some for over 40 years, so it was particularly important that I made the right choice.”