Increasing wealth supervisor and Monetary Planner MKC Wealth has added £90m to its property underneath recommendation by buying Buxton-based Crescent Unbiased and the shopper base of Bury-based IFA Christine Brearley.
Each are being acquired for undisclosed sums.
Crescent Unbiased, previously an appointed consultant of the Tenet Group community, has £70m of AUA and advises 188 households.
Christine Brearley was an AR of PI Monetary and provides an additional £20m AUA and 50 households.
Dominic Rose, chief government of MKC Wealth, mentioned: “We now have a reasonably easy philosophy; our purchasers belief us to take care of their life financial savings and to plan for his or her (and their household’s) future. This can be a huge accountability that everybody in our group absolutely appreciates and passionately cares about.
“Equally, enterprise homeowners belief us to take care of their purchasers whom they’ve supported over a few years. Each of those transactions will facilitate the retirements for Steve, David and Christine whereas guaranteeing the purchasers are nicely cared for.”
Steve Penn and David Brookes, who arrange Crescent Unbiased from scratch in 2001 having labored collectively at Prudential, will be part of MKC Wealth on a consultancy foundation, for an preliminary six months, to assist the handover.
They mentioned: “We constructed up our enterprise totally by phrase of mouth, initially advising non-public purchasers after which including a major variety of corporates. During the last 12 months we have now been planning a easy succession earlier than we retire.
“We had been launched to quite a few potential patrons and had been made profitable presents, however cash was not the principle think about our choice. We might have gotten an even bigger capital sum elsewhere however as MKC Wealth shares our ethos, professionalism and approachability this can make sure that purchasers will really feel comfy of their relationship with their new Monetary Planner.”
Christine Brearley has retired. She mentioned: “I requested Brian Hill of the Exit Partnership, who specialises in promoting the companies of retiring advisers. I wished the very best match for my purchasers and never simply promote out to a significant nationwide agency, which might have been all too simple. Brian launched me to the group at MKC Wealth for a easy and seamless transition.”
The acquisition is MKC Wealth’s eighth of 2023.
In October MKC acquired Wimbledon Chartered Monetary Planning agency Holborn Monetary for an undisclosed sum. It now has 26 Monetary Planners and a complete group of 90 throughout three places of work with some £1.5bn of property underneath recommendation. It acquired the recommendation arm of the troubled Lighthouse group from Quilter in 2021.
MKC Wealth is backed by non-public fairness agency Cabot Sq. Capital which owns various companies together with Key Retirement Options.
