A growing Bristol financial services firm has seen its assets under management (AUM) rise to more than £1bn after completing its third acquisition in three months.
Clifton Asset Management has bought Welsh financial advisers, Mark Philips Ltd, for an undisclosed sum.
It's the latest deal for Clifton, following its purchases of Gloucestershire firm Noble James Associates in September and Scotland's Burnett & Reid in July.
The firm’s “buy and build” strategy has been backed with “significant” first round funding from independent asset manager, BOOST&CO.
Mark Phillips of the eponymous Caerphilly-based business has more than 40 years of industry experience.
The agreement will see more than 250 clients with AUM of £40m added to Clifton’s portfolio. Clifton said Mr Phillips would continue to support the transition of clients.
Anthony Carty, group financial planning director at Clifton said: “We are particularly thrilled to be working with Mark and his clients. His client focus and commitment to great outcomes mirrors our philosophy at Clifton.
“Whilst Mark will be working with us for a couple of years to help transition clients over to Clifton, we hope that after all his years of providing a dedicated service to clients, he can move into retirement knowing that his clients are being very well looked after by the Clifton team.”
Mr Carty added Clifton was looking to complete “several” more acquisitions in the early part of next year.
Mr Phillips said: “I looked at a variety of options and talked to potential acquirers but after a very positive series of meetings I knew that Clifton was a good fit for my clients. They are clearly very competent and having made multiple acquisitions they are very experienced in smoothly transitioning clients across over to the Clifton proposition.
“Many of my clients have been with me a long time, some for over 40 years, so it was particularly important that I made the right choice.”
Clifton said that its deals for the three smaller advisory firms had seen a combined AUM of £350m added to the expanding group.
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