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January 18, 2022

Succession Wealth acquires Pannells Financial Planning

Wealth management firm Succession Wealth has acquired Pannells Financial Planning that manages £1.4bn in client assets.

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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.

Set up in 1989 in the UK, Pannells has seven offices in England and Scotland. It offers a range of bespoke financial solutions for individuals and businesses.

Commenting on the deal, Succession Group CEO James Stevenson said: “We are hugely excited to partner with Pannells, a firm we have long admired for its values, success and strong commitment to independent advice. The cultural fit between us that is so present with Pannells is central to how we assess strategic acquisition opportunities.

“This has been a busy period of corporate activity, but our strategy remains focused jointly on continued organic growth and strategic acquisitions only where we believe they add value to both parties.”

Pannells provides advice on all aspects of financial requirements such as savings, investments, retirement planning for individuals.

With regard to businesses, it aids in securing the financial future of employees and the business through employee benefit schemes, auto-enrolment programmes, , and more.

Pannells Financial Planning managing director Frank Williamson said: “After a strong and sustained period of organic growth, we felt partnering with a larger firm was the natural next step for our clients and our team. We are extremely proud of the excellent work done by the Pannells team on behalf of our clients over many years.

“It was clear from our discussions that both Succession and Pannells have a shared commitment to their clients and their teams, focused on principles of high professional standards, value for money and totally independent advice.”

He further added: “Succession’s expertise in integrating firms is well-known and they have shown a real willingness and ability to make the process as positive and straightforward as possible.”

This acquisition takes Succession Wealth’s private client assets under administration to more than £9.4bn.

This deal also represents Succession’s 59th acquisition since 2014, and comes following the recent announcements of acquisitions of JCF Financial and Bankhouse, which together brought £211m in client assets.

Stevenson added: “While we do see plenty of interesting opportunities in the market, we’re focused on acquiring high-quality businesses whatever their size and building scale to the benefit of our clients – not for its own sake.”

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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