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May 1, 2019

Tenet takes over wealth manager Derbyshire Booth

Financial planner Tenet has acquired Derbyshire Booth, a wealth management firm headquartered in Preston.

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  • 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.
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Financial terms of the transaction were not revealed.

The acquired entity will now become part of Tenet unit Aspire Financial Management.

However, it will retain its existing brand.

Derbyshire Booth director Greg Heath will remain with the business.

In Preston, the business will now share premises with Elementum that is part of Tenet.

Heath stated: “With the constant changing regulatory landscape in financial services and our wish to keep the high standard of service to our clients, the directors decided to seek a partner with additional resources.

“Having worked with Tenet for 16 years and being impressed by their dedication to great service and innovation in the market, they were the natural choice for us.”

The acquisition was carried out under Tenet’s practice buyout scheme and marks the thirteenth such deal for the group.

Under this scheme, network member firms of Tenet are offered an exit strategy for retirement.

Tenet group operations director Helen Ball said: “This acquisition offered a great opportunity to grow our hub in the North West by adding a quality adviser to our team as well as a further £26m of assets under management.”

 

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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