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
CIO Tapes 2: two warnings and a lot of optimism

CIO Tapes 2: two warnings and a lot of optimism

Our group of leading asset management CIOs see a lot of opportunities – and overseas investors are buying UK too

Play Wealth Manager Retreat 2017: size isn't everything

Wealth Manager Retreat 2017: size isn't everything

We asked our delegates at the Wealth Manager Retreat what they think about the recent wave of consolidation in the industry.

1 Comment Play CIO Tapes - part 3: 'passive funds are anti-capitalist'

CIO Tapes - part 3: 'passive funds are anti-capitalist'

Citywire recently gathered three of the UK's leading fund investment heads to discuss their hopes, fears and the issues that their jobs throw at them daily.

Read More
Your Business: Cover Star Club

Profile: Kleinwort Hambros' boss on how to manage five banks

Profile: Kleinwort Hambros' boss on how to manage five banks

Welding together Kleinwort and Hambros – two of Britain’s most historic banks, founded in 1786 and 1839 respectively – was always going to be a challenge.

Wealth Manager on Twitter