Quick rising wealth supervisor and Monetary Planner Advanta Options, proprietor of Chartered Monetary Planner Advanta Wealth, has acquired London Monetary Planner agency Penney, Ruddy & Winter (PRW).
The deal, for an undisclosed sum, will add £240m in AUM to Advanta.
The takeover, Advanta’s first of 2024, is the agency’s eighth acquisition.
PRW, additionally a Chartered Monetary Planner agency, relies within the Metropolis of London. It was established in 2012 and has been instantly authorised since 2015.
In a press release, Peter Ruddy and David Penney, administrators and co-owners of PRW, stated: “Turning into a part of the Advanta household permits us to proceed to develop the enterprise that has its origins over 50 years in the past, when Peter first began out as an IFA.
“We’ve constructed up a base of unbelievable shoppers, lots of whom have turn into private mates, making it important for us to seek out the correct firm to accomplice with. It’s paramount that our shoppers are protected for the long run and for the following evolution of PRW.
“We consider that Advanta is the correct firm for our shoppers, employees and for each of us. Advanta will assist to develop and improve the recommendation and repair ranges we provide our shoppers and supply the assets to assist develop the enterprise to the following stage”.
Craig Webster, CEO of Advanta, stated: “Including a Metropolis of London workplace to our London footprint enhances our potential to service our rising consumer base and the corporations we work with within the Metropolis so we’re delighted that Penney, Ruddy & Winter has determined to turn into a part of the Advanta crew and that David and Peter, their shoppers, and employees are becoming a member of us. David and Peter have constructed a unbelievable repute with their shoppers, and we look ahead to working with them on the following part of their journey.
Mr Webster added: “Shoppers are, fairly rightly, demanding extra from the corporations they belief their Monetary Planning to. With each Advanta Wealth and Penney Ruddy & Winter being Chartered corporations, we’re firmly centered on our shoppers by offering perception and understanding married with service, expertise and {qualifications}. Elevating the requirements of recommendation and repair is central to our technique of making knowledgeable surroundings for our shoppers.”
Advanta Wealth was fashioned in 2012 by present CEO Craig Webster. The agency says the newest deal and acquisitions within the pipeline will push consumer belongings to over £2bn quickly.
Advanta has workplaces in London, Glasgow and Dundee and the group of corporations contains Advanta Wealth, Advanta Mortgages and Advanta Danger.
Advanta says it’s actively searching for additional acquisitions after securing “important funding” from its personal fairness accomplice Beech Tree Personal Fairness.
