National wealth management firm Bellpenny has acquired EFG Independent Financial Advisers, part of EFG Private Bank, for an undisclosed sum.

The acquired company will form Bellpenny Group’s new independent advice arm, BIA Financial Planning, which will continue to be an independent advice business.

EFG, which was originally formed following the acquisition of Ashby London and Platts Flello, has offices in Wolverhampton, Birmingham and London. It has over 800 active clients, serviced by 11 professional advisers. Funds under management are more than £650m, bringing Belpenny’s total FUM to over £3.5bn


Bellpenny CEO Nigel Stockton said: “The acquisition of EFG IFA is a fantastic addition to the Bellpenny Group and brings with it a wealth of experience from the highly qualified staff. Our new independent advice service is another great example of the added value we are able to provide to clients, and the future of the Bellpenny service. The EFG IFA acquisition fits into our fewer, larger deals strategy and it’s an exciting start to the year with much more to look forward to. We can’t wait to welcome our new team, well led by Peter London and John Male and, most importantly, all the clients to BIA Financial Planning.”

EFG IFA Executive Chairman Peter London said: “I am incredibly proud of the EFG IFA business that we have built over the last six years and we look forward to this continuing and expanding even further with the Bellpenny team. Bellpenny thought very hard about the structure of the deal to ensure that everything is set for the BIA business to grow strongly in the coming years.”

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