ANNOUNCEMENT: UK Adviser is now PA Adviser. Read more.

Founders exit UK financial advice firm

But that has not dampened its acquisition ambitions

|

Co-founders of UK advice group Truinvest Mark Smith and Micky Johal have sold their equity stake in the firm to Guernsey-based investment holding company Stonewood Capital Partners (SCP).

The financial terms were not disclosed.

SCP has been the controlling shareholder of Truinvest since its inception in 2019. Following the acquisition of the remaining shares from Johal and Smith, Stonewood Capital Partners is now sole shareholder of the business.

Sean Patterson, chief executive of SCP, has become group chief executive of Truinvest, effective immediately, and Nick Matthews remains as group chief financial officer.

Day-to-day business continues as before under the senior management team Jeremy Martell, Adam Katten, Lee Pittal and Peter Simms.

A spokesperson for SCP told International Adviser: “Stonewood Capital Partners’ ambition for Truinvest is unchanged – to create a significant sized integrated financial planning, wealth and investment management group in the UK by identifying and acquiring successful financial planning and investment management businesses, integrating them and providing a streamlined support function, a centralised investment proposition and technology which adds real value to clients.”

‘Exciting plans’

Chief executive Smith said: “Micky Johal and myself are pleased to announce we have reached an agreement with Stonewood Capital Partners to acquire our interest in Truinvest Group as a result of the strong growth of the business.

“We will leave behind a fantastic team we have built at Truinvest who we know will continue to look after their clients and serve them well. We have worked closely with the management team over the last few months to ensure a smooth transition and we leave the business in safe hands.

“We would also like to thank everyone who has been on the journey with us and supported us so far. We have exciting plans for what comes next and will update further in the coming weeks.”

Growth

Chief operating officer Johal also said on LinkedIn: After three years of hard work to build an integrated wealth manager, Mark Smith and I sold our equity.

“Having taken a business from a simple strategy of bringing like-minded firms together all the way to execution, in just under three years, we looked after over £1bn ($1.3bn, €1.2bn) of client assets, employed over 75 staff across four locations.

“It was a fantastic journey, and we wish the team the best of luck.”

Truinvest was set up in 2019 by Smith and Johal, who were former colleagues at wealth management firm Mattioli Woods.

The firm identifies itself as a “market disrupter” and looks to “reinvent how traditional financial planning is delivered in the UK”.

Latest Stories