IFA acquirer and wealth manager Bellpenny has completed its acquisition of Glasgow based IFA firm KM Financial Advisers.
Bellpenny's tenth acquisition has brought the firm £48m in funds under management and 250 active clients, with assets evenly split between pensions and investment business,
This latest deal means that Bellpenny has now established a presence in Scotland, England and Wales since its launch last year.
Bellpenny chief executive Kevin Ronaldson said: "This is our tenth acquisition and we're seeing no evidence of a decline in interest and enquiries from prospective IFA sellers. The purchase of KMF means that Bellpenny now has a presence in Scotland, England and Wales. The deal establishes a platform for further expansion in Scotland and northern England, and is another important step on our journey to become a truly UK-wide financial planning operation."
KMF director Gordon Bannerman said: "We have been courted by a number of prospective acquirers both leading up to, and since, the introduction of The RDR. Bellpenny stood out from the crowd with its clear-sighted vision and unwavering focus on client interests.
"With the UK financial planning sector still in the throes of arguably its biggest-ever upheaval, Bellpenny is shaping up to be one of the outstanding post-RDR success stories."
Bellpenny completed the acquisition of Walton on Thames-based IFA Entire Wealth Management in July, bringing £100m of funds under management and more than 1,000 active clients to the firm.
Reasons to be cheerful
Total investment reaches £9m
Medium to long-term capital growth