Main Swedish wealth supervisor Söderberg & Companions has acquired a majority stake in a London IFA agency and brought minority stakes in two different UK advisers as a part of its enlargement drive within the UK.
The three corporations are: Timothy James & Companions Group, Dartington Wealth Administration and Atherton York.
As a part of the offers, Söderberg is buying a majority stake within the London-based IFA agency Timothy James & Companions (TJP) from present proprietor Waverton Funding Administration Group.
Söderberg & Companions has additionally taken minority stakes in recommendation corporations Dartington Wealth Administration, based mostly in Cambridge, and Atherton York (Chartered Monetary Planners) in North London.
The Swedish agency entered the UK adviser market earlier this yr and goals to companion with as much as 1,000 monetary advisers within the UK inside 5 years.
The agency plans to ascertain and construct a big impartial monetary recommendation and funding administration enterprise within the UK.
Söderberg & Companions was based in Sweden 2004 and is likely one of the greatest wealth managers and company insurers within the Nordic area and the Netherlands. It has greater than 4,000 staff in 110 places of work in Sweden, Norway, Denmark, Finland, the Netherlands, Luxemburg and Spain, and over £60bn in property below administration and property below recommendation.
The price of the investments has not been disclosed and Söderberg says it has additional acquisition within the pipeline, it stated.
Gustaf Rentzhog, CEO and co-founder of Söderberg & Companions, stated: “We’re not within the enterprise of shopping for and consolidating. We imagine in backing entrepreneurs with a transparent imaginative and prescient, and serving to them realise their targets.
“That’s precisely what we see in Tim Whiting and your complete group at TJP. Entrepreneurs with a transparent imaginative and prescient of what sort of values they wish to create for his or her shoppers, and a starvation to continuously enhance and transcend what is predicted from them. They put their shoppers first, which makes them an ideal match with Söderberg & Companions values. TJPs’ concentrate on media and sport can be a invaluable complement to our present wealth administration choices tailor-made for area of interest shoppers, and we’re proud to be partnering with them.”
Tim Whiting, founder, and managing director for TJP, stated: “We’ve spent the final 6 months attending to know Söderberg & Companions and we’ve got discovered Gustaf and his group to be personable, dynamic and all in all an awesome cultural match for our enterprise with robust client-first mentality and a concentrate on excellent customer support.
“With their assist we will construct TJP to be a flagship for impartial recommendation within the UK and collectively we’ll create a platform which gives useful updated expertise. This partnership permits future progress the place our goal is to accumulate London IFAs who wish to guarantee their shoppers obtain bespoke private impartial recommendation.”
David Rosier, chairman of Waverton Funding Administration Group, stated: “Over the past 3 years Waverton has made and continues to make big progress by way of delivering our 5-year plan. It has turn out to be more and more obvious that the TJP enterprise has aspirations for its model that aren’t aligned with ours. I’m subsequently delighted that we’ve got recognized Söderberg to companion with TJP and to take the enterprise to the following stage of its progress.”
Söderberg & Companions acquisition in TJP is topic to approval from the FCA.
Mr Rentzhog added: “Our funding in Dartington Wealth Administration and Atherton York is essential for our enlargement in UK and we’ll work intently with the businesses and again them in broadening their providing, but in addition assist their progress. By the top of subsequent yr we anticipate to have partnered with numerous corporations who will, in complete, be managing near £10bn of shopper property.”
