Skip to content
International Adviser
  • Contact
  • Login
  • Subscribe
  • Regions
    • United Kingdom
    • Middle East
    • Europe
    • Asia
    • Africa
    • North America
    • Latin America
  • Industry
    • Tax & Regulation
    • Products
    • Life
    • Health & Protection
    • People Moves
    • Companies
    • Offshore Bonds
    • Retirement
    • Technology
    • Platforms
  • Investment
    • Equities
    • Fixed Income
    • Alternatives
    • Multi Asset
    • Property
    • Macro Views
    • Structured Products
    • Emerging Markets
    • Commodities
  • IA 100
  • Best Practice
    • Best Practice News
    • Best Practice Awards
  • Media
    • Video
    • Podcast
  • My IA
    • Events
    • Directory
    • IA Tax Panel
    • IA Intermediary Panel
    • About IA

ANNOUNCEMENT: Read more financial articles on our partner site, click here to read more.

SIGN IN INTERNATIONAL ADVISER

Access full content on the International Adviser site, access your saved articles, control email preferences and amend your account details

[login-with-ajax]
Not Registered?

Financial planning group buys advice company

By Robbie Lawther, 21 Feb 23

Deal takes its assets under management to just over £750m

Map of United Kingdom under a magnifying glass

The Penny Group has completed its acquisition of Surrey-based Bright Blue Wealth for an undisclosed sum.

This acquisition is The Penny Group’s eighth as it continues to execute its buy and build strategy within The Openwork Partnership.

Bright Blue Wealth, which is headed up by Andy Wilmot, has been providing advice to high net worth clients across London and the southeast for over 25 years.

Wilmot and the Bright Blue Wealth team of advisers and support staff will continue to trade under their current brand from their existing Chertsey offices to ensure there is minimal disruption to the current operation. Wilmot plans to remain active in the business for at least the next three years.

The deal puts TPG’s assets under management (AuM) over £750m and the firm expects AuM to exceed £1bn ($1.21bn, €1.14bn) in the next 12 months.

Graeme Morrissey, partner at the Penny Group, said: “We are delighted that Andy has chosen to partner with us and is entrusting the Penny Group with the long-term future of Bright Blue Wealth. This acquisition is a perfect example of how well organised succession planning should be conducted by business owners who are considering their ultimate retirement at a future date.

“We have a proven track record of successfully integrating similar Openwork practices into the Penny Group and we have no doubt that the change will be a success for Andy, his team, and the clients they have been working with for many years.”

This comes months after London-headquartered The Penny Group’s last deal when it completed the purchase of Surrey-based advice firm Ridgewood Finance for an undisclosed sum.

Tags: Openwork

Share this article
Follow by Email
Facebook
fb-share-icon
X (Twitter)
Post on X
LinkedIn
Share

Related Stories

  • Latest news

    Fairway appoints Client Director to Private Client team

    Array of piggy banks in saturated colours on high colour contrast background. Illustration of the concept of bank savings, financial investment and multiple sources of income

    Platforms

    Bank Aston obtains banking licence in Guernsey

  • Asia

    Capital Group survey points to implications around “the Great Wealth Transfer”

    Best Practice

    UK FCA notes deficiencies in retirement income advice practice


NEWSLETTER

Sign Up for International
Adviser Daily Newsletter

subscribe

  • View site map
  • Privacy Policy
  • Terms and Conditions
  • Contact

Published by Money Map Media – part of G&M Media Ltd Copyright (c) 2024.

International Adviser covers the global intermediary market that uses cross-border insurance, investments, banking and pension products on behalf of their high-net-worth clients. No news, articles or content may be reproduced in part or in full without express permission of International Adviser.