IFA consolidator, Bellpenny, has purchased four IFA businesses with combined funds under management in excess of £300m and more than 2,500 active clients.
The IFA businesses acquired are Brunning Newman Houghton, Private Portfolio, Solutions Financial Services, and Vermillion Wealth. Bellpenny launched in October 2012 and is committed to an ongoing asset aggregation strategy. It is backed by investment management firm Oaktree. Bellpenny chief executive Kevin Ronaldson said: "These deals mean we have gone from zero to £300m in funds under advice in just three months. With a number of other major acquisitions still in the pipeline." Bellpenny chairman Grenville Turner said: "All four IFA businesses have good-quality client bases. I have...
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