Wealth management firms merge to create £700m advice business

Wealth management firms jonathanfry and Easby Gale and Phillipson have completed a merger to create an advice business with £700m in client assets.

The company, called Gale and Phillipson, has offices in Northallerton, Richmond, Newcastle and London and will be led by the former heads of both firms.

Phil Morris, previously managing director at Easby Gale and Phillipson, has been appointed chief executive of the business, while jonathanfry chief executive David Carr will be executive chairman.

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No jobs have been lost as a result of the merger, with 50 staff working across its four sites.

Gale and Phillipson manages or advises on more than £700m in client funds and will provide a range of independent advice and wealth management services, including financial planning, investment management, mortgage services, corporate financial advice and cash management.

Plans to fully integrate the two firms are “well advanced”, Mr Carr said.

“We’ve confirmed that there will be no job losses or office closures; the rationale for the merger is simply to allow both firms to accelerate their planned growth in order to benefit clients, staff and shareholders” he said.

Mr Morris added: “Our two firms complement each other superbly.”

The business said it has “ambitious expansion plans” through organic growth and acquisition and invited interested firms and advisers to contact the company.

The news comes weeks after outgoing Ashcourt Rowan chief executive Jonathan Polin predicted further consolidation in the wealth management sector.

AIM-listed Ashcourt Rowan has accepted a £97m takeover offer from rival Towry, which will create a business with £11bn under management or influence.

The board is recommending shareholders accept the offer of 275p per share.