Wealth management fund Ascot Lloyd merges to create £6bn fund

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Harrogate-based Ascot Lloyd has merged with fellow wealth management company Bellpenny to create a £6bn business.

The combined organisation has more than 100 advisers, looks after more than 40,000 fee-paying clients and is now one of the largest independently-owned wealth management businesses in the UK.

The transaction was completed for an undisclosed consideration and both businesses are owned by the global alternative investment management firm Oaktree Capital Management. The new combined entity also incorporates BIA Financial Planning, the independent advice arm of Bellpenny.

The brands of all three businesses will remain.

Nigel Stockton, Bellpenny’s chief executive, and Matthew Moore, Bellpenny’s chief financial officer, becomes chief executive and chief financial officer of the new business respectively. Richard Dunbabin and Pat O’Hara of Ascot Lloyd remain as founders and assist the strong executive director leadership team.

Mr Stockton said: “The logic behind this deal is truly compelling. The new entity merges two near-identical sized businesses with similar structures and closely-aligned client propositions. It delivers material long-term benefits and expanded opportunities for both companies’ private and corporate clients, along with increased resources and expertise.”

Mr Dunbabin said: “We are proud to have built Ascot Lloyd into one of the UK’s most successful and enduring IFA businesses, with a heritage stretching back more than eight decades.

“The merger with Bellpenny provides the financial backing to grow the business in the future.

“I look forward to working closely with Nigel to ensure this is the most successful deal either one of us has been involved in to date.”