WH Ireland has announced the conditional acquisition of Harpsden Wealth Management. This continues the group’s momentum in the Wealth Management division and complements the growth within the newly-formed Capital Markets Division (which incorporates Corporate & Institutional Broking). The Harpsden acquisition will take the firm’s overall AUM across both divisions to £2bn, and the Discretionary AUM to over £1bn.
The total consideration is up to £7.8m, with an initial cash consideration of up to £5.3m, and two further contingent payments, each of £1.25m dependent upon Harpsden meeting certain pre-agreed revenue performance targets. Alongside the proposed acquisition, WH Ireland has also completed a conditional placing to raise £5.3m at 40pence per share with backing from some of its Directors and institutional shareholders.
Stephen Ford, Head of Wealth Management, commented: “Harpsden is a high-quality discretionary investment manager and Chartered independent adviser. Given the shared business philosophy centred around personal independent financial advice and discretionary investment management, we believe this acquisition is an excellent fit for us. We look forward to supporting the strong relationships Harpsden have built and helping the team to deliver their clients financial aspirations.”
WH Ireland has also made significant hires, including Fraser Marshall, who will be joining the team as Head of the Capital Markets division.
The firm aims to grow Discretionary AUM to £3bn through organic growth, increasing the financial planning penetration as well as inorganic growth.
Phillip Wale, chief executive at WH Ireland, said: “The conditional acquisition will add assets to our platform and also strengthen key elements of our proposition for the future.
“It is financially attractive and our route to full integration is clear. We look forward to welcoming the Harpsden team and feel confident that we are creating a stronger and more capable wealth business with clear differentiation.”