One-year-old independent financial advice business Socium Group has acquired financial services firm Beaufort Group.
The M&A deal includes Beaufort’s adviser network and discretionary investment management operations.
Socium, which is backed by private equity company Penta Capital, said the acquisition will add Beaufort’s £1.1bn ($1.4bn, €1.2bn) of assets under management, bringing the group’s total assets under influence to £6.25bn and client discretionary funds to £1.6bn.
The deal is subject to regulatory and shareholder approval.
Details of the sale were not disclosed.
Growth plans
Socium was created last year, with former Openwork chief executive Mary-Anne McIntyre taking to the helm.
The acquisition is part of its plan to develop a national business, consisting of 300 advisers, over the next five years.
Socium’s acquisition strategy aims to acquire between 15 to 20 business to create regional hubs and develop their local presence.
McIntyre said: “The strategy for Socium has been to work with growing firms, aiming to double their businesses over the next few years, becoming hubs at the heart of the group.
“Beaufort Group embodies this approach, as a successful, growing, client-focused business. It also brings with it the added advantage of considerable investment experience and an investment management solution that will be core to our strategic ambitions.”
Derrick Dunne, chief executive at Beaufort Financial and Beaufort Investment, added: “We are extremely excited about this deal. It enables us to bring our growth strategy to fruition and achieve our long-standing aims of offering succession and buy-out options to existing network partners and other IFA firms.”
