National wealth manager and IFA consolidator Bellpenny has completed the purchase of four IFA businesses.
Combined funds under management are now in excess of £300 million and has over 2500 active clients.
The acquired IFA businesses are Brunning Newman Houghton Ltd; Private Portfolio Ltd; Solutions Financial Services Ltd and Vermillion Wealth Ltd.
Bellpenny’s CEO Kevin Ronaldson said: “These deals mean we have gone from zero to £300 million funds under advice in just three months. With a number of other major acquisitions still in the pipeline, we have a thoroughly exciting 2013 to look forward to.
“It’s no small step for those selling IFA businesses which have been built up over many years, with strong client bonds having been forged. That’s why all the IFAs we’ve dealt with have taken such comfort from Bellpenny’s relentless client-focused ethos, and from the high standards of professionalism they see in every area of our business.”
Bellpenny’s chairman Grenville Turner added: “Bellpenny is off to a very strong start with the purchase of four IFA businesses, all with good-quality client bases. I have every confidence that many more IFA acquisitions will follow over the coming months as the full impact of the RDR is felt across the UK financial advice industry.”