British wealth manager Bellpenny has acquired advice firms Ashton KCJ Financial Planning and Principals in Practice, boosting its assets under advice by £150m.
The latest deals take Bellpenny’s total number of acquisitions since launch to 32 and will add over 500 new active clients.
The purchase of Horsham-based firm Principals in Practice will add £90 million of assets under advice to Bellpenny, while the acquisition of Cambridge-based advice firm Ashton KCJ Financial Planning will bring £60m of assets under advice to Bellpenny.
Financial terms of the two deals have not been disclosed. The acquisitions will boost Bellpenny’s total funds under management to over £3.5bn
Bellpenny acquisitions director Dominic Rose said: "From outset, we anticipated that our model would have particular appeal to professional services firms looking to recalibrate their approach to financial services, and the Ashton KCJ deal is yet another example of this.
Ashton KCJ Solicitors partner Alan Brown said: "We were confident that Bellpenny is in a strong position to deliver this client-centered advice and service. We feel it is especially important that clients will continue to be looked after by locally-based advisers, so this was another thing that helped to seal our decision to go with Bellpenny."
Principals in Practice director Erik Sorensen said: "In considering our sale options, it was therefore of paramount importance to us that the high level of care, service and professionalism our clients have enjoyed from PIP would be sustained into the future.
"Of the prospective buyers we spoke to, it was clear that Bellpenny has the ideal ethos and infrastructure to carry on our work. We have full confidence that they will continue to deliver to our clients’ highest expectations."