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UK financial planner takes over IFA firm

It has more than 10 deals in the pipeline which will be completed in ‘the next few months’

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Perspective Financial Group has acquired Darlington-based financial planning firm Atkinson White Partnership (AWP).

The deal adds £130m ($178m, €146m) in assets under management (AUM) from around 500 wealth management clients.

AWP founders Simon Atkinson and Neil White are to retire from the business in a few months, but will remain as consultants until that time.

This marks Perspective’s 39th acquisition since it was founded in 2008 and brings the firm’s AUM to £3.2bn.

Ian Wilkinson, chief executive of Perspective Financial Group, said: “This acquisition further strengthens our national network giving us an additional local office in the important Darlington, Teesside and North Yorkshire region.

“It is consistent with our overall growth strategy to open and develop new hub offices in carefully selected locations throughout the UK and acquire quality ‘bolt on’ client banks from retiring IFAs looking to exit the industry.

“This deal is a combination of both elements.”

 Another 10 deals?

Wilkinson said Perspective will propel its M&A activity through this latest acquisition.

“As a new office location, we anticipate we will acquire a number of other retiring IFAs within the area over the next 12-18 months.

“We have an extremely strong acquisition pipeline and expect to complete in excess of 10 deals over the next few months.”

AWP’s Atkinson and White added: “Over the last 12 months, we have thought carefully about the future of our firm. It is rare to find a firm whose ethos and client-centric approach is so closely aligned with our own.

“On meeting with them we soon felt comfortable with their approach, their values, their professionalism and commitment to look after clients with as much care and attention to detail as we have.

“They are also committed to maintaining our Darlington office as well as retaining, and expanding, our existing staff.

“Their expertise matches ours and, like us, they are fully independent, whole of market advisers. Also, whilst they have the scale of a national group, they retain the feel of a local firm and we are confident that Perspective not only shares the same fundamental values as we do but is large enough to cope with all the regulatory and other issues in the future.”

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