Duke St takes stake in regional wealth manager

Duke St takes stake in regional wealth manager
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.

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, which has an office in Macclesfield, was formerly known as Yorkshire Investment Group. It is a parent group for a collection of wealth management and employee benefits firms in Yorkshire, the North West and West Midlands.

The company 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 said it was attracted to the firm by its 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.”

Law firm Walker Morris advised UK Wealth Management.

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