Southport-based Ludlow Wealth Management has made two acquisitions to bolster its presence in the northwest of England.
It has bought the financial planning division of Liverpool firm A Letton Percival & Co and an unnamed northwest-based IFA from retiring shareholders.
The financial terms of the deals were not disclosed.
The principal consultant at A Letton Percival & Co, Neil Leaver, will join Ludlow’s Liverpool office, with two staff members moving to its Southport office.
Existing clients of the unnamed firm will be serviced by both Ludlow advisers and one joining as a result of the deal, from its newly established office in Burnley.
These deals will give Ludlow around £250m ($318m, €282m) in client assets as the firm aims to reach £2bn in assets under management.
The wealth manager now operates out of seven offices in Southport, Blackburn, Preston, Burnley, Fylde, Liverpool and Edinburgh.
Backing
Mobeus Equity Partners, an investment firm that specialises in venture capital trusts, worked alongside Ludlow to complete the deals.
Ludlow has increased its AUM to £1.2bn since the two firms joined forces in June 2017.
With the ongoing support of Mobeus and acquisition debt facilities established with Santander Growth Capital in December 2018, more bolt-ons deals are planned for next year.
“Mobeus’s support has been key to delivering these deals, and we will be working together to further expand the group,” said Ian Hemingway, Ludlow chief executive.
Justin Maltz, portfolio partner at Mobeus, said: “These two acquisitions demonstrate both the market opportunity for further consolidation under larger, more professional wealth management groups and the significant potential and ambition for Ludlow in particular.
“We will be working hard to fulfil this.”
Mobeus provides £2m-£15m in funding to UK SMEs across all sectors.
