IFA firm completes 36th M&A deal in 12 years as Bowmore Wealth Group sets aside £10m for acquisitions

Published by International Adviser, 7th September 2020

Perspective Financial Group has acquired Wiltshire-based financial advisory firm Jones Hill.

This is Perspective’s 36th acquisition since it was founded in 2008, and its first since CBPE Capital’s major investment in the group in December 2019.

Jones Hill will become part of Perspective’s Marlborough office, though the office in Bradford on Avon will remain.

Brian Hill, managing director of Jones Hill, will exit the business, while other staff will transfer to Perspective and two members will join the firm’s in-house training academy.

Jones Hill currently advises 160 clients and manages £44m ($58m, €49m) of client assets.

The financial terms of the deal were not disclosed.

Consolidator of choice

Ian Wilkinson, chief executive of Perspective, said: “This acquisition is consistent with our overall growth strategy to acquire quality client banks from IFAs looking to retire or exit the industry, local to our existing office network, as well as opening new hubs in other carefully selected locations.

“It reinforces our position as the consolidator of choice for IFAs in this position.

“We believe our offering for these types of business is very compelling with our strong client-centric, ethical approach providing an excellent home for the retiring or exiting IFA’s clients, and our appealing deal structure.”

Ready to buy

Elsewhere in the sector, Bowmore Wealth Group is planning to make £10m in acquisitions of smaller financial advisers and fund management businesses, as it looks to expand further in the UK.

The firm will be targeting advisers with up to £100m assets under advice and fund managers with up to £200m funds under management.

Bowmore Wealth Group launched in June 2020. The group has 25 staff working across financial planning and asset management and has over £350m of assets under advice.

The group was formed through the combination of financial planner The Citimark Partnership and DFM firm Bowmore Asset Management.

Help with costs

Mark Incledon, chief executive at Bowmore Wealth Group, says that by merging with Bowmore, smaller IFAs and fund managers will be able to reduce compliance costs and professional indemnity (PI) insurance premiums.

He added: “We are looking for high quality, independent businesses to grow with us.

“We have a family business ethic at our core which, we think, makes our business a much more comfortable place for former independents that join us.

“We are much more sensitive to their working practices and culture. We’re only going to acquire a firm that has a good cultural fit.

“Many consolidators just buy to build up assets under management with little regard for cultural fit,” Incledon said.

Link to article: https://bit.ly/3ikRmt7

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