French wealth advisory group Groupe Allen has taken over Altyx Financial Planning, a London-based firm focused on French nationals living in the UK and dealing with cross-border wealth management issues.
The deal also includes Altyx Corporate, which advises employers on pensions and staff benefits.
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No financial details of the deal were released.
Groupe Allen founder and chairwoman Sandrine Genet told Retail Banker International the transaction was a “100 % buyout”.
The purchase gives Groupe Allen a foothold in the UK and is described as the first acquisition-led entry into the British market by an independent French wealth management firm.
The acquisition is part of Groupe Allen’s wider plans in Europe. After earlier development in the Benelux region, the group said the London office is its next step, with more deals under consideration over the coming 12 months.
Asked whether the next phase would involve further UK expansion or a move into other European markets, Genet said: “We plan to do both within the next couple of years.”
On the group’s 2030 target, she said the UK market could represent “Around 10 to 15%” of total assets under management, adding that “by 2030 we aim to have approximately €5bn in AUM.”
Asked whether the transaction was aimed at protecting existing wealthy clients or benefiting from changing cross-border demand, Genet said: “It’s more of an offensive strategy for the Group, as we believe that cross border issues will be an underlying trend for wealthy families in the years to come.”
On how Altyx will sit within the wider group, she said: “No, Altyx will remain the company that offers advice for our UK-based clients.”
Altyx Financial Planning was established in 2010 and is headed by Bérangère Salembien. The firm works with clients facing wealth and tax questions linked to moves between France and the UK. Salembien will stay in charge of day-to-day operations in Britain, and Altyx Financial Planning will serve as Groupe Allen’s brand in the UK.
The London business has five employees.
Genet told Retail Banker International that the UK operation will continue with the current team and add one more staff member, Emmanuelle Bahl is joining the company.
She said the UK team would grow further as the client base expands.
Groupe Allen advises about 2,700 families and entrepreneurs and oversees €2bn in assets under management. The firm operates from Paris, Lyon, Toulouse, Montélimar, Brussels and Luxembourg.
