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, is predicated within the Metropolis of London. It was established in 2012 and has been immediately authorised since 2015.
In an announcement, 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 purchasers, a lot of whom have turn out to be private buddies, making it important for us to seek out the correct firm to associate with. It’s paramount that our purchasers are protected for the long run and for the following evolution of PRW.
“We consider that Advanta is the correct firm for our purchasers, employees and for each of us. Advanta will assist to develop and improve the recommendation and repair ranges we provide our purchasers and supply the sources 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 capacity to service our rising shopper base and the corporations we work with within the Metropolis so we’re delighted that Penney, Ruddy & Winter has determined to turn out to be a part of the Advanta workforce and that David and Peter, their purchasers, and employees are becoming a member of us. David and Peter have constructed a unbelievable status with their purchasers, and we sit up for working with them on the following section of their journey.
Mr Webster added: “Purchasers 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 purchasers 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 an expert surroundings for our purchasers.”
Advanta Wealth was fashioned in 2012 by present CEO Craig Webster. The agency says the newest deal and acquisitions within the pipeline will push shopper property to over £2bn quickly.
Advanta has workplaces in London, Glasgow and Dundee and the group of firms consists of Advanta Wealth, Advanta Mortgages and Advanta Threat.
Advanta says it’s actively looking for additional acquisitions after securing “vital funding” from its personal fairness associate Beech Tree Non-public Fairness.
