The acquisitions of Preston-based Charter Financial Planning and Greater Manchester-based Rice Whatmough Crozier have sparked the creation of London-headquartered IFA and fund management firm One Four Nine Group.
The deals bring seven advisers and over £300m ($414m, €355m) in assets under management to the group.
Charter Financial Planning offers financial planning services to clients in Preston and the north west region. The business has three advisers and eight support staff with over £100m in AuM.
Investment and pension firm Rice Whatmough Crozier was established in 2010 following a management buyout from professional services company Deloitte. With four advisers and seven support staff, the business manages over £200m in AuM.
Collectively, Charter Financial Planning and Rice Whatmough Crozier service over 700 clients.
Growth plan
These inaugural acquisitions are the first step in the firm’s “ambitious growth plan”, One Four Nine said.
It is aiming to build a nationwide IFA and fund management group primarily targeting accountancy companies and other professional services firms that own or have a joint venture with financial advice firms, as well as standalone advisory business.
This includes financial advice firms experienced in recommending tax efficient alternative investments or advisers looking to offer this but haven’t had the infrastructure to do so previously.
One Four Nine’s senior leadership team comprises chief executive Matthew Bugden, managing director Gabrielle Beaumont, chief investment officer Bevan Blair, chief risk officer Shaun O’Leary, and finance director Steve Cohen.
The IFA company has its own in-house discretionary fund management proposition, which is led by Blair. It will offer active, passive and sustainable model portfolio solutions for clients as well.
One Four Nine Portfolio Management is regulated and authorised by the Financial Conduct Authority (FCA) and is already managing client assets.
Further deals
Bugden said: “We are keenly aware of the challenges facing advisers today in a market that has become increasingly fragmented.
“With regulatory and administrative burdens progressively taking up ever greater resources, One Four Nine Group offers quality advisory firms the opportunity to have access to a central investment proposition whether it be a bespoke discretionary solution, model portfolios or tax efficient alternative investments along with extensive support to reduce the administrative and regulatory burden on advisers.
“Our management team have collectively spent decades building extensive relationships within the adviser industry, giving us a unique insight into the firms we are looking to connect with.
“As 15% of advisers are expecting to sell in the next five years, we have a strong pipeline of exceptional advisory firms across the UK and have built an entrepreneurial business with a dynamic and collegiate culture which will make us the natural partner of choice for quality advisory firms. We are already speaking with other adviser firms and expect to make further acquisitions soon.”
Private equity group Copper Street Capital has agreed terms to provide “significant capital to support the growth strategy of One Four Nine Group”.
