Bellpenny and Ascot Lloyd in £6bn FUM merger

Combined entity Ascot Lloyd Bellpenny has more than 100 advisers on its books looking after 40,000 clients. The deal was completed for an undisclosed amount and was initiated by the owner of both firms Oaktree Capital Management. The new entity also incorporates Bellpenny's independent advice arm BIA Financial Planning, which launched in January, and all three brands will remain the same, Oaktree said. Bellpenny chief executive Nigel Stockton has become Ascot Lloyd Bellpenny CEO while Bellpenny CFO Matthew Moore has become the merged firm's new CFO. Ascot Lloyd's Richard Dunbabi...