Verso Group has acquired the Henley-on-Thames wealth management team from WH Ireland Group which is exiting that office by the end of May.
WH Ireland confirmed in a statement today (10 February) that the move was in line with its focus on achieving “sustainable profitability through the further streamlining of its central functions and costs, whilst also assessing strategic opportunities for the Group as they arise”.
WH Ireland Limited entered into the agreement on 7 February 2025 with Verso Wealth Management enabling “Verso to market its services to certain clients of WHIL’s loss making Henley office and WHIL has also agreed to assist Verso in contacting these clients”.
The statement continued. “Some of WHIL’s Henley financial planning team have already joined Verso and under the terms of the agreement WHIL is now allowing this team to participate in the Verso marketing activity earlier than otherwise permitted under their original contractual terms with WHIL.
“The portfolio subject to this marketing activity, in aggregate, is c.£152m of the Group’s Assets Under Management.”
In consideration for these arrangements, WHIL said it will receive cash payments linked to any revenue generated from the WHIL’s clients that transfer to and utilise certain of Verso’s services during the period from the date of this agreement to 20 June 2025; with the maximum aggregate amount payable by Verso under this arrangement being £0.5m.
WH Ireland is be surrendering its Henley office lease by the end of May in order to reduce its cost base and focus its Wealth Management operations in London, Manchester and Poole.
Verson said in a separate statement that its Henley team was established in 2008, working with high-net-worth individuals, families and corporate clients. While at WH Ireland, advisers Roland Jones, Stephen Johnston and Gerald Key provided specialist financial advice and planning on assets in excess of £150 million.
The team will continue to be based in Henley-on-Thames, working closely with Simon Redgrove and Alan Mathewson to expand Verso’s presence across the region.
Verso’s statement concluded: “This is the next step in the evolution of Verso. After completing and fully integrating seven acquisitions, Verso is poised for the next phase of its growth, targeting £5 billion in assets under management by 2027.
“This will be achieved through a mix of organic growth, further business acquisitions and strategic team hires. Gaining a highly regarded team of talented advisers in this region is an important contributor to this accelerated growth strategy, further cementing Verso’s position as a leading force in the UK wealth management sector.”
