IFA consolidator Bellpenny has completed its first four acquisition deals since gaining authorisation for an undisclosed sum giving it combined funds under management of £325m.
The businesses that have been acquired are Vermillion Wealth, with £170m in funds under management, Private Portfolio with £80m in funds under management, Brunning Newman Houghton with £55m in funds under management, and Solutions Financial Services with £20m in funds under management.
Bellpenny now has 2,500 active clients, but declined to provide details on the number of its advisers.
The consolidator is backed by property services group Countrywide and US-based investment management firm Oaktree Capital Management.
Its senior management include Intrinsic Financial Services founder Kevin Ronaldson, Countrywide group chief executive Grenville Turner as chairman and Countrywide financial services director and former Halifax Bank of Scotland Intermediary managing director Nigel Stockton as a non-executive director.
When Bellpenny gained authorisation in October it said it had initial acquisition agreements in place totalling £400m of funds under management with acquisition deals in the pipeline accounting for an additional £600m funds under management. The company announced its launch plans in May. It is targeting up to 60 adviser acquisitions in the first 18 months and will offer a restricted advice proposition.
Bellpenny chief executive Kevin Ronaldson (pictured) says: “These deals mean we have gone to £300m funds under management in three months. With a number of other major acquisitions in the pipeline, we have a thoroughly exciting 2013 to look forward to.
“It is no small step for those selling IFA businesses which have been built up over many years,with strong client bonds having been forged. The advisers we have dealt with have taken comfort from Bellpenny’s client-focused ethos and our high standards of professionalism.”