UK-based financial advice firm Ascot Lloyd has bought Swansea-based Portfolio Financial Consultancy for an undisclosed sum, International Adviser understands.
This comes a year after Ascot Lloyd said that its acquisition policy will “continue to be the foundation” to its strategy.
The deal will see 19 members of staff join Ascot Lloyd – and will continue to be based in their existing offices in Swansea. The acquisition adds £323m ($414m, €378m) to Ascot Lloyd’s assets under management (AuM).
The firm’s acquisition push has been boosted by its sale to European private equity business Nordic Capital for an undisclosed sum in April 2022. The IFA firm was previously owned by US investment firm Oaktree Capital Management, the company that acquired Sanlam UK.
Ascot Lloyd has also been very active in 2023 bolstering its organic growth with the launch of an academy and an adviser platform.
