Swedish wealth manager Söderberg & Partners has acquired a minority stake in four UK IFA firms for undisclosed sums as it continues to expand its presence in the advice space.
The firms are Nottingham-based George Square, Cheltenham-based Cheltenham IFA Ltd, London-based Bluezone Capital and Southeast-based Alexander Bates Campbell.
George Square manages £400mn of client assets with a team of 10 advisers and 10 support staff, as well as two appointed representatives in Sheffield and Newark.
George Goward, managing director of George Square, said: “With the UK market facing increasing challenges, the partnership is designed to strengthen George Square’s capabilities.
“Söderberg & Partners will support us in streamlining operations, enhancing efficiencies, and through providing back-office support, enabling the firm to continue its upward growth trajectory at an accelerated pace.”
Founded in 2008, Cheltenham IFA Ltd advises on £290mn of client funds and has 13 local staff.
The firm has a wealth management proposition at its core and builds long-lasting relationships with its clients that regularly progress to the next generation.
Bluezone Capital Ltd is a boutique IFA with more than £90mn in assets under management and helps around 500 family units with wealth management and a further 300 with mortgages and protection.
Alexander Bates Campbells serves clients in the UK, Europe and further afield with a directly authorised business with private client assets under management of £140mn focusing on maintaining strong client relationships over the longer term and intergenerational financial planning.
The firm also has a European subsidiary providing a full range of services to private clients, with a cross border passport for all EU countries while also looking after corporates with international operations with solutions including employee benefits, payroll and HR services.
Richard Alexander at ABC added: “For some years, we have been receiving regular approaches from consolidators within the industry, wanting to purchase our business, but in the majority of cases, they are more interested in the revenues from assets under management than providing the dedicated client relationship services that we have built our business on and which our clients have come to expect and enjoy.
“The initiative from Söderberg and Partners, which enables us to keep our own identity and style of business we believe, will enable us to satisfy our concerns over continuity for clients and staff in a financial environment, where the winds of change are blowing like a hurricane.”
Earlier this year (April 2024), the Swedish wealth manager announced it had purchased minority stakes in Courtney Havers, Bespoke-Advice Ltd, Clear Financial Advice and Bigmore Associates for undisclosed sums.
This comes after the firm received an additional £220mn from minority owner KKR in July.
alina.khan@ft.com
