UK-based Clifton Asset Management is to acquire Leonard Gold Financial Management.
The financial advice firm, based in Southsea, will join Clifton’s ‘centres of excellence’; a network of small, local businesses that have access to the wealth manager’s technology, back office services and products.
Leonard Gold will initially be an appointed representative (AR), with a “downstream purchase to take place in 2021”, Clifton AM said.
The sum, however, was not disclosed.
Leonard Gold Financial Management was originally part of Leonard Gold Chartered Accountants.
‘Joining forces’
Anthony Carty, group financial planning director at Clifton, said: “We have a significant pipeline of potential acquisition and AR firms at the moment.
“These smaller advisory firms are, on the one hand, finding that current and foreseeable regulatory pressures, such as Mifid and [the senior managers certification regime (SMCR)], are making life more and more difficult for them, whilst, on the other hand, they can see that joining forces with a larger firm with great technology and deeper resources makes eminent sense.”
This marks Clifton’s second acquisition this year, following the purchase of Shrewsbury-based firm For Life Wealth Management, which has joined the asset manager’s ‘centres of excellence’.
As part of its growth plans, Clifton also rolled out a discretionary fund management firm, Eden Park Investment Management, by partnering with Charles Stanley and Brewin Dolphin; and has unveiled an investment platform called Viewpoint Portfolio offering a range of product wrappers to financial advisers.
