Consolidator Bellpenny and National advice firm Ascot Lloyd have agreed a merger deal to create a business with £6 billion assets under advice.
The combined organisation has over 100 advisers, looking after more than 40,000 fee-paying clients. The Bellpenny and Ascot Lloyds brands will remain under the name Ascot Lloyd Bellpenny, as will Bellpenny’s IFA arm BIA Financial Planning.
Both firms are owned by Oaktree Capital Management. The merger completed on 1 July.
Bellpenny chief executive Nigel Stockton (pictured) will becomes chief executive of the combined firm and Ascot Lloyd chief Richard Dunbabin will be director.
Stockton said: ‘The logic behind this deal is truly compelling. The new entity merges two near-identical sized businesses with similar structures and closely-aligned client propositions. It delivers material long-term benefits and expanded opportunities for both companies’ private and corporate clients, along with increased resources and expertise.
Dunbabin said: ‘This can only provide greater stability, security and comfort to our clients - qualities that are at a premium in these uncertain economic and political times.’
In February National IFA Ascot Lloyd has hired Jade Connolly from Thomas Miller Investment to lead a strategic review of its advice process.
In October New Model Adviser® revealed Ascot Lloyd had abandoned plans to make an initial public offering in the stock market, as it had earlier stated it would, due to unfavourable market conditions.
At the time, Dunbabin cited the recent spate of companies which had had to withdraw from their attempts at an IPO, or which had raised less capital than anticipated.
Independent M&A advisory firm Quayle Munro acted for Oaktree Capital Management and Bellpenny on the transaction.