Investment management firm The Marlborough Group has invested in Carlisle-headquartered IFA firm Truly Independent for an undisclosed sum.
The investment gives the group a minority shareholding in Truly Independent, which has a team of 75 financial advisers and £1.5b ($1.9b, €1.7b) of assets under administration.
The independent status of the IFA firm will not be affected by this investment.
Richard Goodall, chief executive of the Marlborough Group, said: “The team at Truly Independent have greatly impressed us over the years we’ve been working with them. Like us, they have a strong entrepreneurial spirit, a commitment to delivering first-class outcomes for clients and that all-important ‘can-do’ attitude.
“Through this investment we’re also demonstrating our confidence in the strong long-term growth prospects of the IFA sector more generally. We’re working in partnership with more and more adviser firms and we’re firmly of the view that this is a sector with an exciting future.”
Andrew Goodwin, founder and chief executive of Truly Independent, added: “This investment will provide valuable growth capital as we continue to bring on board new advisers who are keen to join one of the UK’s fastest-growing and most ambitious independent financial advice firms.
“Equally important though is that we will benefit from the huge breadth and depth of experience within the Marlborough Group. They have a well-deserved reputation for investment excellence, which is one of the reasons we use their MPS service, but they have a wealth of expertise in other areas too that will be valuable in supporting our continuing growth.”
