National wealth manager and IFA acquirer Bellpenny has completed its biggest acquisition to date with the purchase of MDM Associates, adding a further £322m to its funds under management (FUM).
This brings the number of completed Bellpenny deals to date to 17, and follows hot on the heels of another acquisition announced on Monday.
The majority of MDM's clients live in London and the Home Counties, and are evenly split between pensions and investment business.
MDM was founded in 1997 by Chris Mealing and Tim Demery.
Managing director Lisanne Mealing said: "We've been hugely impressed with Bellpenny's service model and people. They are clearly only interested in dealing with firms that can demonstrate an impeccable pedigree and which have a similarly progressive ethos. I'm proud on behalf of everyone at MDM that Kevin and his team view us as such a perfect fit.
"This deal will ensure long-term continuity for clients. It will also offer an outstanding career path, with a wealth of opportunity, for MDM staff moving across to Bellpenny."
Bellpenny chief executive Kevin Ronaldson added:"This is the biggest deal we've completed to date and is all the more notable because MDM has long been established as one of the foremost IFA businesses in the south of England.
"Clients transferring across Bellpenny will rightly have very high expectations that we will maintain the high standard of care they've become accustomed to and we will spare no effort in delivering on this."
Impact of the RDR
Consultancy firm Harrison Spence has described acquiring firms like Bellpenny as embarking on a "land grab" of IFA firms as advisers look to exit following the introduction of the Retail Distribution Review (RDR).
Bellpenny said in January - as it announced the purchase of its fifteenth IFA business - that the RDR was "very much a catalyst for the formation of Bellpenny", and that every one of its deals to date can be attributed, to a greater of lesser degree, to the after effects of the RDR.
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