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Succession steps closer to goal by passing £5.5 billion fund mark

Succession steps closer to goal by passing £5.5 billion fund mark

Consolidator Succession has grown its funds under management to £5.6 billion, following nine acquisitions in the first half of 2017, taking it closer to £7 billion goal. 

Succession has increased its headcount by 16% to over 470 since the turn of the year, adding three regional offices and expanding its advice team to 143, according to its half year results published today.

In its figures for the year ending 2016, the firm recorded an operating profit increase of 69% to £2.3 million and a turnover increase of 49% to £36.3 million. 

The company announced earlier this month that it had acquired four more firms from its affiliated membership, with combined funds under management of £520 million, bringing its total number of acquisitions to 40.

The consolidator's original chief executive, Simon Chamberlain, who passed away in March this year, had promoted the company’s aim to have acquired 50 firms by the end of 2017, accumulate £7 billion of assets under management for the platform business and then float or sell by the end of 2018.

The firm today said it had achieved a compound annual growth rate of 34% since the formation of advisory business, Succession Group, in January 2014. 

Executive chairman Ray Pierce said: 'Increased turnover and trading margins demonstrate the continued appeal of Succession’s unique proposition for clients, advisers and high performing IFA business owners, as the appetite for professional wealth planning advice and wealth management services increases.

'Previous years’ investment in building a sustainable business has resulted in an above 10% increase in organic revenue growth as Succession continues to scale.

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