Wealth managers buy Birmingham IFA

Independent financial advisory firm EFG is to become part of wealth management firm Bellpenny after it was bought for an undisclosed sum.

The £5m-turnover firm, which has offices in Birmingham, Wolverhampton and London, has more than £650m funds under management.

EFG IFA was originally formed following the acquisition of Ashby London and Platts Flello by EFG Private Bank. It will become Bellpenny’s new independent advice arm, BIA Financial Planning.

Peter London, EFG IFA executive chairman, said: “I am incredibly proud of the EFG IFA business that we have built over the last six years and we look forward to this continuing and expanding even further with the Bellpenny team.

“Bellpenny thought very hard about the structure of the deal to ensure that everything is set for the BIA business to grow strongly in the coming years.”

The management team led by managing director John Male will stay with the business, which has 800 active clients.

Bellpenny’s chief executive Nigel Stockton added: “The EFG IFA acquisition fits into our fewer, larger deals strategy and it’s an exciting start to the year with much more to look forward to.”