UK-based Inflexion Private Equity has acquired 50.1% stake in wealth management advisory brand Succession Group.
Additionally, Inflexion will provide further funding through to 2017 for Succession’s ongoing acquisitions of its member firms.
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Simon Chamberlain, CEO of Succession, said: "We came into the market-place less than five years ago and today we have 62 member firms which advise on over £8 billion of assets. The group owns an open architecture platform, which administers over £1.7 billion of assets.
Succession’s business aims to acquire the best 50 of its 62 member firms between now and 2017.
Richard Swann, a partner of Inflexion, said: "We have been looking for a model to support in the post-RDR advisory space and were impressed by Succession’s ‘back to front’ consolidation model.
"Succession’s proposition addresses the fundamental difficulties of the past – where consolidators have acquired IFA firms but have struggled to demonstrate that they can consolidate them effectively.
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By GlobalDataIt is reported that Chamberlain and Ray Pierce will remain as group CEO and non-executive chairman respectively.
