Wealth management firm snapped up by London giant

An independent financial planning firm in Lancashire has been acquired by a London company.

Independent Wealth Planners (IWP) has acquired Wigan based Prosper Wealth Management.

The business was founded in 2003 by David Barton and specialises in retirement planning.

The acquisition, IWP’s first in Lancashire, will see the firm hit £1bn in funds under management as it brings a gross fee income of £1.35m and an additional £170m in funds under management.

Prosper Wealth Management also has 486 clients, four advisers and six support staff.

David Inglesfield, IWP chief executive, said: “I am thrilled that IWP has expanded into the North West of England with an offering to serve the people of Lancashire and Greater Manchester.

“David and his team have a fantastic reputation in their local community and are a great fit for IWP.

“I have every faith that they will do an excellent job in growing our presence across the north west region

David Barton added: “Having previously built Prosper both organically and through acquisitions, I completely understand the logic behind the IWP model.

“I had ambitions to grow Prosper Wealth significantly over the coming years, however to achieve this I really needed more support.”

He continued: “My personal experience of going through the acquisition process with IWP has reassured me that they have both the resources and expertise to get the deals done.

“I am incredibly excited to be leading the IWP team in the north west of England and look forward to talking to IFA business owners that are looking to explore options for their businesses.”

Prosper Wealth Management will serve as the firm’s main “hub” for the North West.

It will be IWPs sixth region office. It operates firms in the West Midlands, Cornwall, Hampshire, East Yorkshire and Wales.