Clifton Asset Management has announced its acquisition of financial advice firm GB Financial Services, based in Wombourne, West Midlands.
This is Clifton’s fourth acquisition in nine months and it said the acquisition “marks an acceleration in its growth programme”.
The addition of GB Financial Services’ 550 clients has resulted in Clifton’s assets under management (AUM) increasing to £1.2bn.
This is a rise of £500m since Clifton received first round funding from independent asset manager BOOST&CO in July 2022.
Clifton stated that GB Financial Services has built a strong reputation for “high quality advice and service” to clients in and around the Wolverhampton and Dudley region.
In total, now six smaller adviser firms have now been acquired by Clifton and it is in active talks with numerous adviser firms based in South West, Portsmouth, West Midlands, Aberdeen and South Wales.
Clifton group financial planning director Anthony Carty said: “We are thrilled with this, our sixth acquisition, and very happy to confirm that principals Barry Hamblett and Sally Mynett will join the Clifton Wealth Partnership advisory team on a consultancy basis for two years to assist with the handover of clients to two locally based advisers.
“Adding to our national profile is important, and it is great news that we will be retaining the GB Financial Services offices and staff located in Wombourne.
“2023 has started strongly with this announcement, but what is equally as exciting is that we have a pipeline of further acquisitions which should see group AUM increase to circa £2bn over the next 12 months.
“This will be an AUM growth of around £1.5bn in just 18 months – proving once again – the success of our ‘buy and build’ acquisition strategy, and the compelling proposition that we offer smaller advisory firms in the market.”
According to Carty the medium term growth ambition for Clifton is to get to £5bn AUM by 2027.
GB Financial Services principal Barry Hamblett added: “This is hugely important for GB Financial Services and the clients we’ve worked with so closely for more than 30 years.
“Clifton has an excellent reputation, and their proposition is outstanding.
“This has given us confidence to introduce Clifton to our clients in the knowledge that they can provide the product range, along with service and technology levels that can at times be challenging for a local financial advisory business. We know therefore, that our clients are in good hands!”
