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Courtiers in talks over two £100m acquisitions
by Robert St George on Jun 06, 2014 at 14:53
Courtiers expects to strike two deals to bring in a combined £200 million of assets under management (AUM) before the end of the year.
The wealth manager is in talks with a London-based firm that will add £100 million, and hopes to conclude the deal by September.
It is also in earlier-stage negotiations with a company based on the south coast that has another £100 million of AUM. Courtiers stated that this deal should be concluded by December.
A third tie-up for £20 million of AUM should also be agreed by July.
The trio of deals would increase Courtiers' £485 million of AUM by almost half.
These transactions will follow two recent ones that yielded Courtiers a combined £40 million of AUM.
In the first, Courtiers acquired the business assets of Compton Row, an advisory firm in Chichester. Director Alex Dungar has joined Courtiers with a view to transitioning his clients over the next 24 months ahead of his retirement.
The second involved Courtiers establishing a joint venture with Hampshire-based Grosvenor Vokes that will last three years, after which Courtiers will have the option to acquire its business assets. Director Alan Vokes will also work with Courtiers on passing over his clients.
Courtiers chief executive Jamie Shepperd told Wealth Manager that such handover arrangements were a crucial attraction for advisers approaching retirement.
‘We really make them part of Courtiers rather than an outsider,’ said Shepperd (pictured). ‘There is nothing worse for a client than the person who has been looking them for a number of years suddenly saying they’re finished.’
Shepperd remarked that access to Courtiers' in-house resources was an additional selling point. £325 million of the firm's £485 million in AUM is held in its discretionary investment management service, with star internal managers including Citywire A-rated Gary Reynolds.
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