News

2
Aug

Succession seals 4 deals

Consolidator Succession has bought four more advice firms from its affiliated membership with combined funds under management of £520 million.
The sales bring the total number of firms acquired by Succession to 40, with nine of those purchases being made this year.
West Byfleet-based Sigma Asset Management, previously a cover star for Wealth Manager, is one of the group of four firms recently acquired for a total consideration of £20.6 million.
Sigma became a Succession member in 2011.
Other member firms snapped up by the consolidator are Harrogate-based Prosperitas Independent Financial Advisers, Christchurch-based Norris and Fisher Independent Financial Services and an appointed representative of Norris and Fisher named Tim Burton.
The consolidator’s original chief executive, Simon Chamberlain, who passed away in March this year, had promoted the company’s aim to have acquired 50 firms by the end of 2017, accumulate £7 billion of assets under management for the platform business and then float or sell by the end of 2018.
Succession’s corporate director, Paul Morrish, said the company was making use of a fast-track acquisition process.
‘Building on our experience and expertise, we are pleased to have deployed our new fast track acquisition process, further refining our traditional, proven model – for those businesses that already share our model, values, vision and passion for wealth planning.
‘Our targeted approaches meet the specific needs of sellers and continue the successful, profitable growth of Succession as a whole,’ Morrish added.
Newly acquired Prosperitas’ co-founder Lawrence King said Harrogate will be an important location for the consolidator.
‘Harrogate will become a key location in Succession’s network of client servicing hubs, providing highly-specialised resource within a single centre of excellence, to meet the complex needs of clients. We are already actively recruiting for qualified wealth planners and support staff with the drive, commitment and character to meet the demands of a successful wealth planning brand,’ he said.
Succession is backed by private equity investor Inflexion which is a majority shareholder the company.
Article originally posted on New Model Adviser