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IFA consolidator takes assets to £900m with 10th acquisition
by Michelle Abrego on Aug 22, 2013 at 09:47
IFA consolidator and national Bellpenny has acquired its tenth firm, Glasgow-based IFA KM Financial Advisers (Scotland).
Through its acquisition of KM Financial it has added £48 million of funds under management and 250 active clients, with assets evenly split between pensions and investment business. This takes Bellpenny's total funds under management to £900 million.
Bellpenny’s chief executive Kevin Ronaldson (pictured) said: ‘This is our tenth acquisition and we’re seeing no evidence of a decline in interest and enquiries from prospective IFA sellers. The purchase of KM Financial means that Bellpenny now has a presence in Scotland, England and Wales. The deal establishes a platform for further expansion in Scotland and northern England, and is another important step on our journey to become a truly UK-wide financial planning operation.’
Gordon Bannerman, former majority-owner and director of KM Financial, said: ‘We have been courted by a number of prospective acquirers both leading up to, and since, the introduction of the retail distribution review (RDR).
‘Bellpenny stood out from the crowd with its clear-sighted vision and unwavering focus on client interests. With the UK financial planning sector still in the throes of arguably it’s biggest-ever upheaval, Bellpenny is shaping up to be one of the outstanding post-RDR success stories.’
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