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Bellpenny assets hit £400m with building society IFA acquisition

Bellpenny assets hit £400m with building society IFA acquisition

IFA consolidator Bellpenny has followed its acquisition of four adviser firms with the purchase of the IFA arm of Monmouthshire Building Society, boosting assets under advice by a further £100 million.

The acquisition of Monmouthshire Independent Financial Advisers takes Bellpenny’s assets to £400 million. It follows the capture of £300 million of assets last week when it bought Tunbridge Wells-based Brunning Newman Houghton, Sussex-based Private Portfolio, Essex-based Solutions Financial Services and Nottingham-based Vermillion Wealth.

All six of the Monmouthshire advisers will move across to Bellpenny along with their 2,000 clients.

Under the terms of the deal Monmouthshire Building Society clients who want advice will be referred to a Bellpenny adviser, who will conduct meetings in the branch office.

Kevin Ronaldson (pictured), Bellpenny chief executive, said the consolidator would see if it could strike similar deals with other building societies.

‘We're now looking to explore further partnership opportunities with other building societies around the UK,’ he said.

Bellpenny chairman Grenville Turner said the size of the deal showed the firm’s intentions.

‘Closing a deal of the size and stature of Monmouthshire Independent Financial Advisers so soon after launch shows the UK advisory market that we really do mean business and puts down a clear marker for the future,’ he said.

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