National adviser Bellpenny is to launch an independent advice arm following its acquisition of EFG IFA, the firm has said.
The new venture will be called BIA Financial Planning and will build on the business of former bank adviser EFG, which was bought by Bellpenny from EFG Private Bank in January.
The firm, created after the acquisitions of Ashby London and Platts Flello, is home to 11 advisers across offices in Wolverhampton, Birmingham and London.
Led by Peter London and John Male, it serves about 800 active clients with £650m of funds under management (FUM), increasing Bellpenny's total FUM to £3.5bn.
BIA Financial Planning clients will continue to receive their existing services, with the firm continuing as an IFA within the group, Bellpenny said.
Bellpenny is owned by private equity investors Oaktree Capital Management, which intends to fund further larger acquisitions by the firm going forward.
Its former acquisitions director Dominic Rose left in September to join rival national adviser Old Mutual Wealth Private Client Advisers to lead the firm's growth strategy in London.
Bellpenny CEO Nigel Stockton said: "The EFG IFA acquisition fits into our fewer, larger deals strategy and it's an exciting start to the year with much more to look forward to.
"Our new independent advice service is another great example of the added value we are able to provide to clients, and the future of the Bellpenny service."
EFG IFA executive chairman London added: "I am incredibly proud of the EFG IFA business that we have built over the last six years and we look forward to this continuing and expanding even further with the Bellpenny team.
"Bellpenny thought very hard about the structure of the deal to ensure that everything is set for the BIA business to grow strongly in the coming years."
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