Independent Wealth Planners UK (IWP) has completed the acquisition of Milton Keynes-based Carnelian Capital Management.
The financial terms of the deal were not disclosed.
The acquisition bolsters IWP’s presence in the south east and Carnelian will join Richmond House Wealth Management, which is the Hertfordshire hub.
Jonathan Howard, managing director of Carnelian, will take on the role of chief executive at Richmond House Wealth Management, effective 1 September 2020, as Paul Beasley steps down from the role while continuing as a director of the firm.
Pipeline
International Adviser asked the firm what is next in terms of M&A deals?
“IWP is currently close to achieving its goal of 20 deals with a similar number ahead in the pipeline, made up of both regional hub firms and local businesses that will join existing IWP offices,” the firm said.
“IWP is looking to build a national brand across the UK. This means expanding into regions where it current doesn’t have a presence on the ground.”
The firm aims to have approximately £5bn ($6.5bn, €5.54bn) in the coming year
Support
The Carnelian deal is IWP’s 11th acquisition since its inception.
IWP was created to “grow, support and promote” local IFA firms, it said in a statement.
The firm provides operational and support services, including compliance, IT, investment research, marketing, recruitment and training, allowing IFAs to spend more time with their clients.
It acquires local firms but leaves the day-to-day management in the hands of local teams, who may also retain a stake in the ownership of the business.
