Belgravia, London-based private bank Duncan Lawrie has moved closer to the IFA community through the acquisition of financial planning business Hill Martin.
The latter also offers employee benefit, pensions, asset management, and divorce services from offices in London and Bristol.
Peter Field, managing director of Duncan Lawrie, says while there may be no immediate change in terms of leads obtained through IFAs – most currently come through lawyers and accountants given the type of high-end personalised services offered by the bank – the fact an office presence is being obtained in the Southwest will be significant.
Duncan Lawrie has additional offices in Wrotham, Kent, and Douglas, Isle of Man, covering on- and offshore demands of clients.
“This is the second acquisition in two years. The first was about acquiring a certain level of funds under management. This time it is partly about funds under management and partly about advice.”
Given the latest acquisition includes a financial planning business, it could be seen as a slight conflict of interest to foster relationships with other IFA businesses, but Duncan Lawrie would not avoid doing business if it was on the basis of clients seeking private banking services, Field says. And the Southwest presence will undoubtedly help broaden awareness of the bank in that part of the country.
Looking ahead, Field says the second acquisition just announced takes Duncan Lawrie halfway to its goals for funds under management and exposure to advice-based business. He now expects to take some time digesting the latest deal.
“We’re not planning anything else for the time being.”
Hill Martin has 32 staff and around 1,400 clients, and its addition to Duncan Lawrie will take combined assets under management to £500m.
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