Schroders Group subsidiary Benchmark Capital has completed the acquisition of Strabane-based Kennedy Independent Financial Advice (KFA) for an undisclosed sum.
KFA will mark Benchmark’s second acquisition in Northern Ireland, following the acquisition of Waterhouse Financial Planning in May last year, which first established Benchmark’s presence in the region.
The deal forms part of Benchmark’s strategy to build a central hub in Derry, adding £80m ($98m, €91m) in assets, strengthening the local team and accelerating growth in Northern Ireland.
The business and staff of KFA will become part of Benchmark Financial Planning, and will move to the firm’s premises in Derry. Michael Kennedy will work with wealth planning director Sinead Meenan, who leads the financial planning practice.
Strengthen Derry base
Ed Dymott, managing director of wealth at Benchmark, said: “Kennedy Independent Financial Advice is a much-valued addition to the Benchmark family. It not only has a strong reputation for providing quality advice but has strong ties to the local area and a deep understanding of their clients.
“We feel this very much aligns with our own values and we look forward to working with them to further strengthen our base in Derry and also provide support for future growth and development in the region.”
KFA’s Kennedy added: “Our partnership with Benchmark marks an exciting development in the next chapter of KFA that will provide security and stability for our clients and our staff. We pride ourselves on our personal approach and working with client’s long-term goals in mind.
“Benchmark share this long-term philosophy and will enable us to deliver the same quality advice, but with the added benefit of access to a wider pool of support through their technology enabled proposition. We’re looking forward to moving to the new offices in Derry and the potential that this move unlocks for us and the commitment to Chartered financial advice in the region”.
Acquisitive
Benchmark were very active in the M&A market at the back end of 2022.
In December 2022, the advice firm agreed to acquire a 51% shareholding in Harrogate-based advice network Oculus Wealth Management.
In November 2022, Benchmark Capital completed its 100% acquisition of advice company Advison and bought a 49% stake in financial planning firm Chartered Independent.
