Private equity takes stake in UKWM

PRIVATE equity house Duke Street has taken a majority stake in UK Wealth Management for an undisclosed sum as a first step to further acquisitions.

UK Wealth Management, formerly known as Yorkshire Investment Group, is a parent group for a collection of wealth management and  employee benefits firms in Yorkshire, the North West and West Midlands.

The company currently advises on private capital worth £1.4bn as well as on corporate pension funds.

Lynn Coleman, who joined UK Wealth Management in January as chief executive, said: “Duke Street’s unique understanding of our market, combined with its impressive buy-and-build record, makes the firm a perfect partner for UKWM as it plans for its next phase of growth.”

Duke Street is looking to capitalise on anticipated consolidation in the financial advice sector driven by changes to the regulations governing financial products.

It was attracted to UK Wealth Management by its existing growth plans and the quality of its management.

Miles Cresswell-Turner, partner at Duke Street, said: “UKWM presents an exciting opportunity to gain early scale as Duke Street builds a platform for consolidation in the rapidly changing financial services market.”

Walker Morris provided legal advice to UK Wealth Management.

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