Consolidator Independent Wealth Planners UK (IWP UK) has expanded its Midlands hub Alexander Grace with the takeover of financial planning firm Bishop Armstrong Financial Planning.
Financial terms of the deal were not disclosed.
Headquartered in Leamington Spa, the acquired company has £46m in assets under administration. The business is headed by director Phil Bishop.
Commenting on the deal, IWP CEO David Inglesfield said: “Phil has built a really great business in Bishop Armstrong. I am excited for the next phase of their growth as part of Alexander Grace and the wider IWP team.”
Alexander Grace CEO Neil Padget added: “I am thrilled to welcome Bishop Armstrong to Alexander Grace and IWP. As Phil joins the team this marks our second acquisition as part of IWP with more in the pipeline as we continue to grow together, building IWP’s scale and reputation in our region.”
IWP’s acquisition spree
The purchase of Bishop Armstrong marks IWP’s ninth acquisition this year.
Through its deals this year, the firm has reportedly added £1.8bn assets under management, boosting its overall assets to £2.9bn.
In September this year, the firm snapped up Hove, Sussex-based Hunter Hammond Daniel Associates for an undisclosed sum.
In the same month, IWP UK took over Solihull-based Beyond Financial, adding £58m in assets under advice. It also expanded its footprint in Scotland with the purchase of Kilmarnock-based financial planning firm Gilmour Hamilton Wealth Management.
The other acquisitions by the firm this year include Carnelian Capital Management, Richmond House Wealth Management, AGL Wealth Management, and Prosper Wealth Management, among others.
Established in 2018, IWP UK offers a range of operational and support services to IFAs. These include investment research, compliance, IT, marketing, recruitment as well as training.