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June 30, 2021

G+E Wealth Management finalises takeover of Yorkshire business

Garbutt + Elliott Wealth Management (G+E Wealth Management) has concluded the purchase of HKA (FS) (HKA), a wealth manager in Yorkshire.

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  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
  • The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
  • The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
  • The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.
The report also provides data and insights on the size of offshore holding of HNW investors in the APAC region.
by GlobalData
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The value of the transaction was not made public.

The deals adds more than £250m of assets under advice, boosting G+E Wealth Management’s assets to £750m.

All employees of the acquired entity, with seven financial planners will be retained.

This will financial planner headcount at G+E Wealth Management team to 20.

HKA director David Booth said: “G+E Wealth Management share our core values and client centred ethos, and we are thrilled to become part of the Garbutt + Elliott group. Our clients will continue to experience a seamless and bespoke service from our Financial Planners.

“Combining our strengths will allow both our clients and employees to benefit from the considerable additional resources and enhanced support available as part of the Garbutt + Elliott group.”

HKA was set up in 2003. Its director David Booth will remain with the business and secure a seat on the G+E Wealth Management board.

The deal was supported by alternative finance provider ThinCats, led by Ben Kimball, and the Garbutt+Elliott Corporate Finance Team headed by Tony Farmer.

G+E Wealth Management managing director Rob Simpson said: “We are delighted to complete the acquisition of HKA which makes us one of the largest privately owned advice firms in the region.

It will be business as usual for both of our clients at HKA and G+E Wealth Management who will benefit greatly from the combined expertise and knowledge of our teams and provide access to Garbutt + Elliott’s wider accountancy services.”

Other deals in UK wealth space

In another UK development, wealth manager Kingswood reached a deal to buy North Lincolnshire-based chartered financial planning firm Admiral Wealth Management.

Also recently, British wealth manager Rathbone Brothers agreed to take over financial planning business Saunderson House in a deal valued at £150m.

Free Report
img

Analyze opportunies within the wealth management market in APAC

GlobalData’s ‘Asia-Pacific Wealth Management: Market Sizing and Opportunities to 2026’ report provides a comprehensive overview of the Asia-Pacific (APAC) wealth management market.
  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
  • The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
  • The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
  • The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.
The report also provides data and insights on the size of offshore holding of HNW investors in the APAC region.
by GlobalData
Enter your details here to receive your free Report.

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