Finance
Bellpenny and Ascot Lloyd in wealth manager merger
Two of the UK’s leading wealth management and financial planning firms - Bellpenny and Ascot Lloyd – have merged. The merger creates a £6bn fund
under the management financial planning company. The combined organisation has more than 100 advisers, looking after more than 40,000 fee-paying clients. It becomes one of the largest independently-owned wealth management businesses in the UK. The transaction was completed
for an undisclosed figure and both businesses are owned by the global alternative investment management firm Oaktree Capital Management. The new combined entity also
incorporates BIA Financial Planning, the independent advice arm of Bellpenny. The brands of all three businesses will remain. Bellpenny chief executive Nigel
Stockton and chief financial officer Matthew Moore become chief executive and chief financial officer of the new business respectively. Richard Dunbabin and Pat
Nigel Stockton: compelling deal
‘This deal makes us one of the UK’s biggest independently-owned wealth managers’
O’Hara of Ascot Lloyd remain as founders and assist the strong executive director leadership team. Nigel Stockton said: “The logic
behind this deal is truly compelling. The new entity merges two near- identical sized businesses with
similar structures and closely- aligned client propositions. “It delivers material long-term
benefits and expanded opportunities for both companies’ private and corporate clients, along with increased resources and expertise. “Having grown from a zero base
to more than £6bn of funds under management in less than five years, this deal makes us one of the UK’s biggest independently-owned wealth managers. “We have the ambition, strategic
direction and financial firepower to expand still further.” Richard Dunbabin said: “The
merger with Bellpenny provides the financial backing to grow the business in the future. “This can only provide greater
stability, security and comfort to our clients - qualities that are at a premium in these uncertain economic and political times. “I look forward to working
closely with Nigel to ensure this is the most successful deal either one of us has been involved in to date.”
Sector Focus
Local tech firms bridge the gap
Technology businesses in Birmingham are bridging the gap with London according to experts at NatWest. New figures show lending
into the sector in the West Midlands increased by nearly 9.7 per cent year-on-year to May 2017. According to figures,
NatWest’s dedicated technology, Media and Telecoms (TMT) team lent £115m to Midlands tech businesses from May 2016 to May 2017 – an increase of £10m from the previous year. Neil Bellamy, head of TMT
at Natwest, said: “It is great to see the regions beginning to close the gap on London’s technology hub. “Firms outside of London
often don’t receive the same kind of limelight as some of the bigger players. But the figures are a clear indication of the desire of exceptional technology businesses in the area to grow and thrive. “There has never been a
better time to start up a technology business.”
September 2017 CHAMBERLINK 55
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