Other Citywire websites
Stay connected:

View the article online at http://citywire.co.uk/new-model-adviser/article/a652819

Midlands IFA boosts assets to £170m with two buys

by Jun Merrett on Jan 23, 2013 at 07:43

Midlands IFA boosts assets to £170m with two buys

Sutton Coldfield-based Gemini Wealth Management has boosted its assets under advice by £26 million after completing two acquisitions.

The firm acquired Shrewsbury-based Warwick Wright Financial Services, which had 1,300 clients accounting for £20 million of assets, and a £6 million client bank from Derby-based Simon Johnson, who was previously with Positive Solutions.

The acquisitions mean Gemini now has assets under advice of £170 million.

Jason Moore (pictured), director at Gemini, said the firm had met a number of IFAs planning to exit as a result of the retail distribution review (RDR), and hoped to buy up to four more in 2013.

‘We met up with lots of prospective IFAs to acquire their businesses, but these two matched what we were looking for,’ he said. ‘They didn’t provide a full-blown service and ran on a more transactional basis and because of the RDR, they were looking to exit the industry and hand over [their business] to someone who could give their clients a fuller, more regular service.

‘We are always looking for more acquisitions, although we have 10 advisers and we’d like to stay fairly nimble, so we’ll be looking at one acquisition a quarter.’

leave a comment

Please sign in here or register here to comment. It is free to register and only takes a minute or two.

News sponsored by:

Opportunities emerge as production moves back home


As the UK coalition government strives to rebalance the national economy, so called 'reshoring' looks set to play an increasingly important role in economic recovery.

Today's top headlines

A spotlight on Alastair Mundy


Alastair Mundy met Citywire's Daniel Grote at the London Stock Exchange Studios for a detailed interview about the Investec Cautious Managed fund.

More about this article:

More from us

Archive


Read more...

Acquisition frenzy! The 10 biggest buys of the month

by Jun Merrett on Jul 29, 2014 at 13:52

Sorry, this link is not
quite ready yet