Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of 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 JPM’s Negyal: Back divis to temper EM volatility

JPM’s Negyal: Back divis to temper EM volatility

Omar Negyal, co-manager of the JPMorgan Global Emerging Markets Income trust, says a dividend approach to emerging markets reduces the volatility of investing in the asset class.

Play WMR: Why Russia will lose this war

WMR: Why Russia will lose this war

Author and journalist Adam Lebor believes a perfect storm is brewing when it comes to the Russian economy. .

Play WMR: Gerard Lyons warns Asia is the real risk, not Russia & Ukraine

WMR: Gerard Lyons warns Asia is the real risk, not Russia & Ukraine

Chief economic adviser to London mayor Boris Johnson outlines the geo-political risks in Asia and explains why the risk of another eurozone crisis must not be underestimated.

Your Business: Cover Star Club

Profile: 'new normal' now is as dangerous as when it was applied to tech

Profile: 'new normal' now is as dangerous as when it was applied to tech

7IM's CIO Chris Darbyshire says he has been re-energised by his new role, but has little time for 'new normal' doom-mongers

Wealth Manager on Twitter