Asset consolidator and investment advisory business Bellpenny has bought Torquil Clark, the financial advice business of Skipton Building Society.
The acquisition, for an undisclosed sum, delivers £900 million in client assets taking Bellpenny’s total funds under management to £2.5 billion, subject to regulatory approval.
Torquil Clark employs 16 financial planners across two offices in the midlands and the north west of England. The deal includes the company’s execution-only business TQ Invest
‘It is a reflection of how far Bellpenny has come that we’re already in a position to be making acquisitions on this scale,’ said Bellpenny chief executive Kevin Ronaldson.
‘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.’