Mon, 03 Apr 2023 | BUSINESS SALE
Bristol-based Clifton Asset Management has completed its sixth acquisition with a deal for West Midlands financial services firm GB Financial Services. The takeover adds 550 clients and increases Clifton’s assets under management (AUM) to around £1.2 billion. GB Financial Services is headquartered in Wombourne and provides financial services and advice to clients in the Wolverhampton and Dudley areas.
Clifton has now seen a £500 million increase in AUM since receiving funding from independent asset manager BOOST&CO in July last year. Since then, the company has completed four acquisitions, taking its total number of takeovers to six.
The company targets acquisitions of small advisory firms to add to the larger group. Following the completion of the GB Financial Services deal, Clifton has said it has a strong pipeline of future acquisitions lined up as it continues with its buy and build growth strategy.
Clifton Group Financial Planning Director Anthony Carty commented: "We are thrilled with this, our sixth acquisition, and very happy to confirm that principals Barry Hamblett and Sally Mynett will join the Clifton Wealth Partnership advisory team on a consultancy basis for two years to assist with the handover of clients to two locally based advisers.”
"Adding to our national profile is important, and it is great news that we will be retaining the GB Financial Services offices and staff located in Wombourne."
Regarding the group’s future M&A plans, Carty added: "2023 has started strongly with this announcement, but what is equally as exciting is that we have a pipeline of further acquisitions which should see group AUM increase to circa £2bn over the next 12 months.”
"This will be an AUM growth of around £1.5bn in just 18 months – proving once again the success of our 'buy and build' acquisition strategy, and the compelling proposition that we offer smaller advisory firms in the market."
GB Financial Services Principal Barry Hamblett said: "This is hugely important for GB Financial Services and the clients we've worked with so closely for more than 30 years.”
"Clifton has an excellent reputation, and their proposition is outstanding. This has given us confidence to introduce Clifton to our clients in the knowledge that they can provide the product range, along with service and technology levels that can at times be challenging for a local financial advisory business. We know, therefore, that our clients are in good hands."
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