Ascot Lloyd Bellpenny will become fully independent under plans to rebrand the national advice company.
According to the company, the change came about due to 'strong demand' from advisers and clients. Bellpenny launched an IFA arm with the acquisition of EFG Independent Financial Advisers in January 2017.
Under the plans 'Bellpenny' will also be dropped from the company's name following the consolidator's £6 billion merger with Ascot Lloyd last July.
The spokesman said this reflects Ascot Lloyd’s growth strategy.
‘This change will enable the business to provide a broader product set and reflects the group’s ambitious growth strategy as one of the largest independent wealth managers in the UK,’ he said.
He also said the merged company has 80 advisers, 40,000 clients and a turnover in excess of £40 million.
Ascot Lloyd chief executive, Nigel Stockton (pictured), said the merger has already boosted growth at the company.
‘Ascot Lloyd is a well-known, trusted and highly regarded name and we are excited to go to market under this brand with a fully independent offering.
‘The merger of Ascot Lloyd and Bellpenny in 2017 has already proven highly successful, generating strong growth momentum in only a few months.
‘We are a highly profitable and fast growing business, underpinned by a great team of advisers,’ he said.
Last week New Model Adviser® uncovered the company had taken over Leeds-based advice firm Pantheon Financial, according to documents filed at Companies House.
This is the first acquisition since the merger last year and the second time Pantheon Financial has been bought.
It was originally sold to Friends Provident in 2007 for £16.8 million with eventual add-ons boosting the value of the deal to £27 million.
After failing to sell the company on to a private equity group in 2008, Friends Provident ended up selling the stake it had bought from Kaberry back to the founder in 2010.