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Advice company makes first acquisition of 2023

Firm wants to get to £5bn AuM by 2027

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Clifton Asset Management has bought West Midlands-based financial advisory firm GB Financial Services for an undisclosed sum.

This is the company’s first acquisition of 2023 and sixth overall. Clifton continues its ‘buy and build’ M&A strategy which it has operated since receiving funding from independent asset manager Boost & Co in July 2022.

With the addition of GB Financial Services’ 550 clients, the Clifton Group’s assets under management (AuM) increases to around £1.2bn ($1.48bn, €1.36bn). GB Financial Services offers advice services to clients in and around the Wolverhampton and Dudley region.

The firm’s last deal was in October 2022 when it bought Caerphilly-based financial advice firm Mark Philips Ltd for an undisclosed sum.

Clifton said it is in “active conversations with a number of advisory firms” which are placed around the country including firms based in the south west, Portsmouth, West Midlands, Aberdeen and south Wales.

Anthony Carty, group financial planning director at Clifton, said: “We are thrilled with this, our sixth acquisition, and very happy to confirm that principals Barry Hamblett and Sally Mynett will join the Clifton Wealth Partnership advisory team on a consultancy basis for two years to assist with the handover of clients to two locally based advisers. Adding to our national profile is important, and it is great news that we will be retaining the GB Financial Services offices and staff located in Wombourne.

“2023 has started strongly with this announcement, but what is equally as exciting is that we have a pipeline of further acquisitions which should see group AuM increase to circa £2bn over the next 12 months.”

Carty added that the firm would like to get to £5bn AuM by 2027.

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