Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

WH Ireland acquires 8,000 clients from troubled Pritchard

WH Ireland acquires 8,000 clients from troubled Pritchard

WH Ireland has acquired an 8,000-strong private client book from beleaguered Pritchard Stockbrokers.

The wealth manager paid £500,000 for the book, which was valued at around £400 million based on the non-cash assets under management relating to the 8,000 clients. The acquired assets generated a loss of around £6,000 for Pritchard.

WH Ireland said the transaction will increase its number of private-client stockbroking clients by approximately 50% and total assets under management by approximately 25%.

The purchase comes after the Financial Services Authority issued a First Supervisory Notice to Pritchard, preventing it from undertaking any further regulated activities. The financial watchdog said Pritchard had used client money for its own expenses, thereby putting client money at risk’. It also froze the firm's asset and told the Bournemouth-based firm to inform clients that it had been barred for working for them.

Following the transaction WH Ireland said will be in a position to undertake regulated activities for the 8,000 clients transferring to its books.

WH Ireland chief executive Paul Compton (pictured) said: ‘The transaction increases our regionally based private client business and moves our nominee funds total forward. It provides an immediate resolution to what had become a worrisome situation for Prichard Stockbroker's clients.  

‘We welcome them to WH Ireland and look forward to meeting their financial needs.  We fully expect this transaction to be earnings enhancing in the first full year following completion.’

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Big City Bright Future

Big City Bright Future

Big City Bright Future, the brainchild of BlackRock, is a three-week work experience programme for school leavers looking to forge a career in the City.

Play Kames' Ennett: Trump good for US high yield, but beware Europe

Kames' Ennett: Trump good for US high yield, but beware Europe

Kames Capital’s head of high yield David Ennett believes the changing political landscape will be a positive for the US, but negative for Europe in 2017.

Play Philip Milburn: why inflation won't run out of control

Philip Milburn: why inflation won't run out of control

Kames bond fund manager views inflation as more of 'scare' than a 'problem' and is positioning his portfolios accordingly.

Read More
Your Business: Cover Star Club

Profile: change is the only constant for Quilter Cheviot

Profile: change is the only constant for Quilter Cheviot

This is not the first time we have profiled David Miller, but at the time of his previous appearance his company looked very different.

Wealth Manager on Twitter