Bellpenny was previously a restricted advisory firm, while Ascot Lloyd provided independent financial advice.
The two firms, including Bellpenny’s independent advice arm BIA Financial Planning, merged in July 2017.
At the time, it was announced that all three brands would survive. However, “strong demand” from advisers and clients has seen the IFA group change direction to operate under one name.
The company said the change will enable it to provide a broader product set and that it reflects the group’s ambitious growth strategy as one of the largest independent wealth managers in the UK.
Nigel Stockton, chief executive of Ascot Lloyd, said: “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.”
The combined Ascot Lloyd now has a turnover of more than £40m, more than £6bn ($5bn, €6.8bn) in funds under management, 80 advisers and 40,000 clients.
Both Ascot Lloyd Financial Services and Bellbenny are owned by Oaktree Capital Management and last year’s transaction was completed for an undisclosed sum.
