M&A-hungry Verso Wealth Management has bought IFA company Heritage Independent Financial Advisers and advice firm IEP Financial for undisclosed sums.
The acquisitions expand Verso’s presence across the UK in its bid to build a national wealth management group and take its assets under advice to £1.8bn ($2.2bn, €2.1bn).
Founded in 2003, Heritage provides financial advice and planning for high net worth individuals, families and corporate clients across the Midlands.
The firm has a team of 17, comprising advisers, planners, researchers and support staff based in Knowle, West Midlands.
It provides advice on assets in excess of £200m, as at Q3 2022.
The addition of Heritage to the Verso group adds scale to its network and creates a hub in the midlands.
Heritage’s three principal directors, John Shackleton, Patricia Chaplain and Anne Windle, will remain at the firm working with Verso’s executive team.
Founded in 2005, IEP provides financial advice and planning for individuals and corporate clients across Sussex and the south east.
The firm has a team of 34 advisers, planners, researchers and support staff based in Hove, east Sussex.
IEP Financial provides advice on assets exceeding £525m, as at Q2 2022.
Patrick Spencer, IEP Financial’s managing director, will remain in the firm working with Verso’s executive team to expand Verso’s presence across the region.
Chairman Ian Poysden and director David Williamson will both step back from their management positions but will continue to work in the business, looking after clients.
Simon Redgrove, Verso’s managing director, said: “It is an exciting time to join Verso as we continue to execute on our M&A and integration strategy to build a national tech-enabled wealth management group.
“With the support of our strategic partners, Cairngorm Capital and their buy, build and transformation expertise, our ambitious IFA consolidation plans are gathering pace.
“This year we completed five acquisitions and we have a pipeline of further investments planned for 2023 so the next 12 months are on track to be transformational.”
Cairngorm Capital-backed Verso has bought five advice firms in 2022, including:
- Liverpool-based Pavis Financial Management;
- Sunderland-based CDC Wealth Management; and
- Glasgow-based Campbell Thomson Insurance Services.