Tue, 17 Oct 2023 | BUSINESS SALE
MKC Wealth, a boutique wealth management firm based in the City of London, has made its seventh acquisition of the year so far. The company has acquired Holborn Financial, an independent financial adviser (IFA) based in South West London.
Holborn Financial’s team comprises four financial planners and five support staff, who will all join MKC Wealth following the deal, while the firm will continue to operate from its Wimbledon office, which will undergo rebranding.
The deal reflects the continuing tide of dealmaking that has swept through the wealth management sector for the last few years, amid widespread consolidation of the still fragmented industry, an ageing population of owners and a tighter regulatory environment. Holborn Financial has also been active in this regard, acquiring Kingsley Financial Management and Gary Cook Financial Services in April this year.
The acquisition takes MKC Wealth to almost £1.5 billion in assets under advice, while its team grows to 26 financial planning staff and a total headcount of 90 staff across three UK offices.
Following the acquisition, Emyr Blease, founder and Managing Director of Holborn Wealth, will join MKC as a director in a role focusing on supporting acquisitions of the clients of principals retiring from other advisory businesses.
Blease said that the deal was “the right strategic move for all concerned” and that Holborn had “built up a successful business advising discerning private clients, individuals who run and manage their own businesses and those in or seeking a comfortable retirement”.
MKC Wealth Chief Executive Dominic Rose commented: “We continue our strategy of measured growth through the acquisition of like-minded businesses, including those of retiring financial advisers.”
Rose added: “The opportunity arose to merge with the Holborn Financial team and, having got to know them and their approach, it was very clear we have the same outlook and philosophy. We are building something similar – the client is truly put at the heart of everything – so rather than doing it separately we decided to do it together.”
Nigel Spears, who is chair of both MKC Wealth and Holborn Financial, said that the deal would create better outcomes for the clients and staff of both firms.
Read more about the wealth management sector's booming dealmaking environment:
Financial advice M&A: Valuations for larger firms rise as market shifts
Wealth management M&A boom continues amid changing dealmaking environment
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