Benchmark Capital has agreed to acquire a 51% shareholding in Harrogate-based advice network Oculus Wealth Management.
The deal is subject to Financial Conduct Authority (FCA) approval.
Oculus is an advice network operating an appointed representative model with 26 firms and 35 advisers. It has partnered with the Schroders Group subsidiary since 2015.
The acquisition of Oculus, which looks after £2bn ($2.45bn, €2.32bn) of client assets, will provide Benchmark with a broader range of services which help advisers set up and run their own independent practices.
Oculus will continue to focus on supporting advisers from the wealth management and private banking space to operate their business as well as those looking to establish their own practice. The network will also continue to operate independently but with further support from Benchmark for the existing management team.
‘Key growth area’
Ed Dymott, managing director of wealth at Benchmark Capital, said: “We are thrilled to welcome Oculus to Benchmark and provide the support to allow further growth and progression for an already highly successful business. Oculus have been incredibly successful in helping advisers who have previously worked at larger wealth managers and private banks set up their own practices, and we see this as a key growth area in the market.
“Their business-in-a-box model, bringing together Benchmark’s and Oculus services, is a compelling proposition, and we have seen great demand for this offering. We have known the team for several years and are excited by the potential for the future with our new partnership.”
Duncan Read, managing director of Oculus, added: “Oculus has a proven, successful business model supporting high-quality, advisers predominantly from the private banking space. Building on our existing partnership with Benchmark will allow us to provide even more support for our existing advisers, but also further accelerate the growth of our business over the next few years.
“This move will benefit our highly valued team of experienced advisers and give further choice and options to them with regard to their own businesses and careers. Benchmark offer access to financial opportunities for Oculus firms including both expansion and a succession option, thereby allowing us to assist our advisers with their complete career journeys.”
The deal comes several weeks after Benchmark completed its 100% acquisition of advice company Advison as well as bought a 49% stake in financial planning firm Chartered Independent.
