Sweden-based Söderberg & Partners Group has acquired a majority stake in the UK-based IFA company Timothy James & Partners (TJP) from current owner Waverton Investment Management Group for an undisclosed sum.
The TJP acquisition is subject to approval from the Financial Conduct Authority (FCA).
Elsewhere, Söderberg & Partners has taken a minority stake in advice firms Cambridge-based Dartington Wealth Management and London-based Atherton York (Chartered Financial Planners) for undisclosed sums.
The investments mark an “important step” for the Nordic wealth manager and insurance intermediator’s intention to invest in UK based IFAs as announced earlier this year.
Gustaf Rentzhog, chief executive and co-founder of Söderberg & Partners, said: “We’re not in the business of buying and consolidating. We believe in backing entrepreneurs with a clear vision, and helping them realise their goals. That is exactly what we see in Tim Whiting and the entire team at TJP. Entrepreneurs with a clear vision of what kind of values they want to create for their clients, and a hunger to constantly improve and go beyond what is expected from them.
“They put their clients first, which makes them a perfect match with Söderberg & Partners values. TJP’s focus on media and sport is also a valuable complement to our current wealth management offerings tailored for niche clients, and we are proud to be partnering with them.
“Our investment in Dartington Wealth Management and Atherton York is important for our expansion in the UK and we will work closely with the companies and back them in broadening their offering, but also support their growth. By the end of next year, we expect to have partnered with various firms who will, in total, be managing close to £10bn ($12.5bn, €11.6bn) of client assets.”
These deals come after Söderberg & Partners agreed to close a share issue which raised around €200m (£171m, $218m). The investment is being provided by investment firm KKR, an existing minority investor since 2019.
