"The new entity merges two near-identical sized businesses with similar structures and closely-aligned client propositions."
The merger completed on 1 July 2017 and the combined organisation - named Ascot Lloyd Bellpenny - now has over 100 advisers, looking after more than 40,000 fee-paying clients.
The transaction was completed for an undisclosed consideration and both businesses are owned by global alternative investment management firm Oaktree Capital Management. The new combined entity also incorporates BIA Financial Planning, the independent advice arm of Bellpenny. The brands of all three businesses will remain.
Nigel Stockton, Bellpenny’s chief executive, and Matthew Moore, Bellpenny’s chief financial officer, become chief executive and chief financial officer of the new business respectively. Richard Dunbabin and Pat O’Hara of Ascot Lloyd remain as founders and will assist the executive director leadership team.
Ascot Lloyd Bellpenny CEO, Nigel Stockton, said: “The new entity merges two near-identical sized businesses with similar structures and closely-aligned client propositions. It delivers material longterm benefits and expanded opportunities for both companies’ private and corporate clients, along with increased resources and expertise.
“Having grown from a zero base to more than £6 billion of funds under management in less than five years, this deal makes us one of the UK’s biggest independently-owned wealth managers and undoubtedly the fastest-growing. We have the ambition, strategic direction and financial firepower to expand still further.”
Ascot Lloyd Bellpenny Founder Director, Richard Dunbabin, added: “We are proud to have built Ascot Lloyd into one of the UK’s most successful and enduring IFA businesses, with a heritage stretching back more than eight decades. The merger with Bellpenny provides the financial backing to grow the business in the future. This can only provide greater stability, security and comfort to our clients - qualities that are at a premium in these uncertain economic and political times."
Grenville Turner, Chairman of Ascot Lloyd Bellpenny, commented: “This transaction epitomises the ’fewer, bigger, better’ acquisition strategy we’ve been pursuing within the UK wealth management market over the past 18 months. It would have taken dozens of mid-sized acquisitions to deliver the step change in funds under management that is being achieved via this merger of equals.
“Bringing together Bellpenny and Ascot Lloyd presents a clear opportunity for material cost and revenue synergies. The Board is very excited by the future growth potential, both organic and acquisition-based, of the combined businesses.”
