Adviser platform Wealthtime is set to be acquired by private equity firm AnaCap Financial Partners, subject to regulatory approval.
According to Wealthtime, its focus post-acquisition will be to grow its business by "enhancing" the adviser experience. Investment from the acquisition will focus on Wealthtime's proprietary platform technology to help improve the interface, streamline processing and to diversify the product, it said.
As a result of the acquisition, Wealthtime will add three new members to its senior team, also subject to regulatory approval. Former Aegon man Richard Denning will be COO, Patrick Mill will become to be CEO and incoming finance director Dominic Easton will join Wealthtime commercial director Lucy Bristow to form the senior executive team.
The platform has said it will also consider making "carefully considered" acquisitions to further enhance its growth strategy.
Wealthtime CEO Jan Regnart said: "With the best technology, people and service, the business has huge potential so it will be exciting to see how it evolves with Patrick at the helm. We are fully committed to ensuring a smooth transition for out team, our advisers and their clients through the coming months."
Lang cat consulting director Mike Barrett said the advisers who use the Wealthtime "tend to be very happy to the point of being evangelical about the quality of service they receive".
He added: "The new management team will need to ensure advisers are reassured this won't change as a result of the acquisition. If this is the case, then I think they are well positioned for growth."
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