KW Wealth, the independent wealth management group, has acquired the East Yorkshire based independent financial advisory firm Marchant McKechnie.
No terms were disclosed and the deal is subject to regulatory approval. The acquisition brings additional annual revenue of over £1.4m to KW Wealth.
KW Wealth’s stated ambition is to become a leader in the UK wealth management market, following the rebrand from European Wealth in September 2018.
Marchant McKechnie will continue to operate from its existing office in Beverley, East Yorkshire, becoming KW Wealth’s seventh regional office in the UK, after London, Manchester, Cheltenham, Maidstone, Brighton and Worcester.
Marchant McKechnie offers a wide range of services to its clients including personal and company pensions, investments, and tax planning. Marchant McKechnie serves around 700 clients and has about £200m of assets under advice). The combined group will have over £2bn of AUA, 20 financial advisors and more than 4,000 active clients.
Marianne Ismail, CEO of KW Wealth, said: “Marchant McKechnie is a strong addition to the Group as we look to build a new national brand in the UK wealth market. The business shares our commitment to delivering high levels of customer service to clients over the long-term.
“The UK wealth market is excessively fragmented, and we believe that there is a substantial market opportunity to build a national brand for quality, independent wealth planning advice and investment management.
“The rebranding of European Wealth to KW Wealth and the acquisition of Marchant McKechnie are first steps. Our objective is to grow both organically and dynamically by acquisition in the UK and US, and we are actively looking at opportunities in both countries. The Group has a strong and scalable operating platform with the capacity to support incremental revenue and earnings growth from future acquisitions, delivering improved profitability for the Group as a whole.”
Neil McKechnie, Founder, Marchant McKechnie, added: “I am delighted that in KW Wealth we have found an owner who shares our philosophy of working in a way that is always centred on what is right for the client. KW Wealth has a strong platform that will enable a number of synergies to be realised through the combination of our businesses and we look forward to playing our part in helping KW Wealth achieve their ambition of becoming one of the leading wealth management providers in the UK market.”
David Inglesfield, Head of Wealth, KW Wealth also added: “Marchant McKechnie’s client-first approach is a natural fit for our business. The provision of good quality independent financial advice is more important than ever. We often see clients with complex requirements so it’s important that, as part of our growth, we partner with businesses that allow us to continue providing best in class advice and client care throughout the UK.”