Wealth management firm Walker Crips Group has acquired the London-based investment and wealth management firm Barker Poland Asset Management (BPAM) in a deal worth £4.2m.
The deal, which has been approved by the Financial Conduct Authority, will see Walker Crips purchasing 100% of membership interests in BPAM from the members.
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The deal will be partially financed with cash with the firm considering paying an additional amount of £2m, payable 90% in cash and 10% in new ordinary shares over the next 3 years, provided BPAM continues to earn current levels of revenue over the period.
The acquisition of BPAM, which has £229m assets under management (AUM), will help Walker Crips to achieve its medium term target of £5bn assets under management and administration (AUMA).
Walker Crips will take on Baker Poland’s five advisers, led by its managing director Geoff Wright and chairman Pat Barker.
Walker Crips CEO Rodney FitzGerald said: "This is an important step in our continuing quest for growth, taking our assets under management and administration to £3.5 billion from £1.4 billion just 3 years ago, as well as increasing the capacity of our London stronghold alongside our ongoing regional expansion."
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By GlobalData
