Thu, 11 May 2023 | BUSINESS SALE
Wealth management consolidator Perspective Financial Group has completed four acquisitions and revealed that it has its “biggest ever” pipeline of future deals. The group has now completed eight acquisitions during 2023 and 63 in total since it was founded 16 years ago.
The latest deals have seen the company acquire North East-based Tees Valley Asset Management Ltd, Leicester-headquartered P Bennett & Associates Ltd, Manchester-based Oak Financial Management (MCR) and Belfast-based Marlborough Place Ltd, which sees the group establish its first office in Northern Ireland.
According to Perspective Financial Group Chief Executive Ian Wilkinson (pictured above), the deals add a further 880 households as clients and bring in around £240 million in assets under management. The group also says it has exchanged contracts on an additional seven deals, set to complete over the coming months.
Wilkinson commented: "We have our biggest ever pipeline of acquisitions, both large and small, and relish the opportunity to grow further at scale and pace.”
Perspective, which received backing from CBPE Capital in 2020, has established itself as one of the major consolidators in an ongoing wave of M&A activity in the UK’s wealth management sector. Despite several years of busy dealmaking, however, the sector remains highly fragmented, which has prompted forecasts that consolidation could continue at a rapid pace for the next ten years or more.
Along with high fragmentation, M&A in the sector is being driven by a range of factors such as an ageing population of owners, rising sale multiples amid the wave of consolidation, private equity investment, technology and a growing regulatory burden for smaller businesses.
Perspective’s latest acquisitions illustrate several of these trends, with the owners of P Bennett & Associated and Oak Financial Management both citing succession planning when discussing their decisions to sell and the owners of Marlborough Place and Tees Valley Asset Management each saying that their firms had been seeking the backing of a larger operator to support future growth.
Read more about the boom in wealth management M&A.
Amid the wave of dealmaking, several wealth management consolidators have put post-deal integration at the heart of their acquisition strategies. Read our exclusive analysis of why integration is the most important stage of the M&A process.
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