Perspective absorbs two Yorkshire IFAs
PERSPECTIVE Financial Group, the Wilmslow-based consolidator of IFA firms owned by Bankhall co-founder Paul Hogarth, has bought its 16th IFA firm since it was set up in April 2008 with £3.7m worth of funding from Mosaic Private Equity.
The firm has acquired Warnes Anderton, which is based at Dinnington near Rotherham as well as the client base and goodwill of Boroughbridge-based IFA Ellam Financial from administrators.
Warnes Anderton is run by Glenn Warnes and was set up in 1992. It has a turnover of around £400,000 a year, with funds under management of £35m and £200,000 of recurring income.
Meanwhile, the client database and goodwill acquired through the purchase of Ellam Financial’s assets will now be rolled into another Perspective Group firm, Harrogate Independent Financial Services. Perspective said the deal brings another £22m worth of funds under management into its portfolio.
As a result, its funds under advisory and management have now swelled to £1.2bn and its turnover on an annualised basis increases to around £14m.
Managing director Damian Keeling said: “With the acquisition of Warnes Anderton Ltd and the Ellam Financial client database, Perspective has further expanded its reach into the Yorkshire area.
“With Warnes Anderton we have brought on board a quality IFA outfit which has been providing first-class advisory services to its clients for over 18 years. It is this type of firm that will thrive under the Perspective umbrella.
“Perspective continues to seek out profitable, ambitious IFA firms. We are also open to the purchase of client databases as can be evidenced by the deal completed with Ellam Financial and its integration with Harrogate Independent Financial Services.”
Glenn Warnes, owner of Warnes Anderton Ltd, said: “This is clearly an important moment for Warnes Anderton Ltd and we believe we have chosen the strongest and most creative IFA consolidator in the UK.
“The management team at Perspective share our own work ethos and we were drawn to the hands-off approach coupled with the opportunity to take advantage of the numerous benefits Group membership can offer.”
