Succession Holdings continues to grow its national wealth management advisory arm, Succession Group, with the £7 million acquisition of two wealth management businesses from its membership.
Lymington-based Highcliffe Financial Management Limited and Worcester-based Highgrove Financial Planning Limited have combined funds under management in excess of £200m.
Succession is currently expanding its network of client servicing hubs into Glasgow’s West End and Eastleigh on the south coast, bringing together leading financial services professionals into single centres.
It also plans to acquire 50 of the best firms from its 80-strong membership by the end of 2017.
Group Chief Executive Simon Chamberlain said: “Succession Group is the fastest-growing wealth management firm in the UK because uniquely, our proven consolidation and acquisition model builds value and capital into already successful businesses.
“Business owners and their teams are quickly integrated into our client-centric framework, which combines financial planning and advice with comprehensive investment services – providing the widest choice of funds available and a robust governance to manage them – to help clients achieve their unique and individual financial goals.”
Founder of Highcliffe Financial Management Gerald Bennett welcomed the deal: ““We joined with an accelerated acquisition timetable to build on our strong foundations, and create a realistic “succession plan”, giving certainty to our clients and employees. Being acquired provides fantastic career and professional opportunities for our already highly qualified staff, underpinned by Succession Group’s recent commitment to level 6”.
Managing Director of Highgrove also welcomed the deal: “We joined as a member in 2011 to prepare for the rigours of RDR, and stayed for the journey. Our expectations were exceeded at every stage: in particular Succession’s investment strategy and investment in technology supported our strong asset growth. We know that the Succession Group operating model suits our clients and having worked with the team for a number of years, there is already a strong cultural fit from our shared commitment to financial planning.”