Private equity investor Nordic Capital has concluded the acquisition of UK-based independent financial advice (IFA) company Ascot Lloyd.
Nordic Capital agreed to buy the IFA from Oaktree Capital Management April this year.
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Completion of the deal follows regulatory nod from the UK’s Financial Conduct Authority (FCA).
It also reflects commitment to Ascot Lloyd’s plan to grow its products, stated Nordic Capital.
Ascot Lloyd CEO Nigel Stockton said: “Following nine years of considerable progress with Oaktree, we are delighted that Nordic Capital’s acquisition of Ascot Lloyd has now completed.
“Their investment, supported by their expertise in our sector, will give us substantial new firepower to accelerate our growth, enabling us to extend our inorganic M&A strategy and further invest in our people and technology.”
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By GlobalDataCurrently, Ascot Lloyd has nearly £10bn in funds under influence and caters to over 200 core clients.
At the time of announcing the deal, Oaktree Capital Management managing director Federico Alvarez-Demalde said: “Ascot Lloyd has grown to become one of the UK’s leading independently-owned IFA firms.
“Since appointed to lead the investment by the end of 2016, the company has tripled AUM and more than quadrupled revenues, with over 80 acquisitions executed to date.”
