Bellpenny, a UK-based wealth manager, has agreed to acquire West Midlands-based wealth management firm Torquil Clark from Skipton Building Society for an undisclosed sum.
Subject to FCA approval, the acquisition will boost Bellpenny’s assets under management to £900 million.
The deal, which marks as Bellpenny’s 21st acquisition since its inception, will boost its funds under management to over £2.5 billion and will include Torquil Clark’s wealth management and employee benefits businesses.
In addition, the transaction will also include Torquil Clark’s execution-only business TQ Invest, which accounts for more than £500m of the funds under management.
AS part of the deal, Torquil Clark’s 16 financial planners and more than 50 support staff will join Bellpenny with both the TQ Invest and advice arms being rebranded.
Additionally, John Chapman, Torquil Clark’s Managing Director, will join Bellpenny to lead the rebranded direct business in addition to joining Bellpenny’s executive team.
Kevin Ronaldson CEO of Bellpenny said: "This acquisition will be especially important for us because it incorporates a substantial, execution-only business in the form of TQ Invest. Having a direct operation alongside comprehensive wealth management and employee benefits offerings will vastly extend Bellpenny’s market reach and appeal, by enabling us to deal with clients in whatever way best suits their personal needs."
David Cutter CEO of Skipton Group said: "However, under Bellpenny’s new ownership, there are many potential new opportunities for the business to realise and we very much look forward to seeing it flourish in the years to come."
Grenville Turner, Chairman of Bellpenny, said: "This acquisition will be another significant milestone for Bellpenny in its journey to become the UK’s most trusted financial advice brand."