Wolverhampton-based Newell Palmer announced on 25 April it had acquired Coventry-based IFA firm HIA International Financial Services, adding £80m in client assets to its funds under management (FUM).
Newell Palmer has now acquired three firms in 2018 and a total of 49 since the company’s inception in 1993.
HIA International Financial Services is the advisory arm of general insurance group HIA International, which was founded in 1996.
£2.1bn FUM
The acquisition takes Newell Palmer’s total FUM to £2.1bn, a figure the firm says will likely grow during 2018 as it completes further planned acquisitions.
Newell Palmer finance director Kevin Homfray said the acquisition should allow the firm to expand its employee benefits portfolio.
In addition to the added FUM, the acquisition adds 60 group schemes of different sizes, the largest being a luxury UK brand with over 1,000 employees.
Increased regulation
Nick Newbold, managing director of HIA International, said: “Increased legislation as well as regulatory changes affecting the financial services sector in recent years has made it increasingly difficult for a relatively small firm such as ours to continue to offer the levels of service we feel our clients deserve.
“When we spoke to Kevin, around two years ago, and started our discussions with Newell Palmer we very quickly came to the conclusion that joining forces with NP was the right move for us and our clients, and we are very much looking forward to working with them,” Newbold said.
