Wealth management firm swoops for rival business

A wealth management specialist which operates out of Exeter is looking to become a national business following a major acquisition.

Hurst Point Group, a leading UK wealth management business, has agreed terms for the acquisition of independently owned wealth management and corporate solutions practice Helm Godfrey.

Hurst Point operates its wealth management business out of Exeter under the Hawksmoor brand.

The financial details of the acquisition, which are subject to certain conditions, have not been made public.

This acquisition will further the group’s ambition to become a  national wealth management business, with a presence in major cities across the UK.

The deal was backed by Hurst Point’s lead equity investor, the global investment firm Carlyle, and debt providers Ardian and Investec.

Carlyle has supported Hurst Point since its launch with capital backing through its financial services investment fund, Carlyle Global Financial Services Partners.

With approximately £1bn of assets under advice and £0.5bn of assets under management, the acquisition of Helm Godfrey will bring Hurst Point’s overall assets under advice to approximately £5bn and its assets under management to approximately £5bn.

The transaction will add approximately 2,500 clients and increases the number of financial advisers across the group to 120.

Based in London with 65 employees, Helm Godfrey provides specialist financial planning and investment management services.

The company’s investment management team will become part of Hawksmoor, Hurst Point’s investment management division, while the financial planning team will become part of Argentis, the group’s financial planning division.

John White, managing director of Hurst Point’s Financial Planning division, said: “With a reputation for excellence built over more than 20 years, we are delighted that the Helm Godfrey business has agreed to join our group.

“We have worked closely with Graham Cross, Danby Bloch, and their team over the last year in developing this partnership and are very excited about the opportunities that will arise from working together in the future.

“We are working to build a quality, sustainable financial planning business with a strong group ethos, and have several deals in the pipeline for 2023.

“We believe that we have found a strong cultural fit in partnering with the Helm Godfrey team; that was a key consideration for us. We were attracted to Helm Godfrey largely by its strong presence in a key centre of wealth, the strong reputation of its advisory business, and its integrated investment management operations.”

Helm Godfrey’s chief executive Graham Cross added: “Finding a complementary partner has taken time, focused as we are on putting clients at the centre of everything we do. Hurst Point Group will provide the foundations to underpin Helm Godfrey’s future success and we are delighted with the outcome. We believe that we have found the right partner, with the platform to deliver on our numerous objectives.”

Hurst Point Group is pursuing a co-location strategy, seeking to establish both a financial planning and investment management operation in the towns or cities in which it establishes a presence.

The Helm Godfrey presence will complement the existing Hawksmoor office in London

Last year Hurst Point made nine acquisitions, including Sussex-based Metis Asset Management and Metis Wealth, as well as advice firms D Heaton, Wealth Creation & Management, and Robinson Financial Solutions; the group also acquired Gore Browne Investment Management.

The acquisitions were financed through a combination of the equity investment made by Hurst Point and the vendors as part of each transaction, and by drawing upon the debt facility arranged previously with both Ardian and Investec.

Hurst Point was created in  2019 following the acquisition of Harwood Wealth Management Group plc, which was completed in March 2020.

Since the initial acquisition, the group has acquired the wealth management business of AJ Gallagher, Cedar Wealth, D Heaton, Gore Browne Investment Management, Hawksmoor Group, Metis Asset Management, Metis Wealth, Robinson Financial Solutions, Wealth Creation & Management, and numerous smaller businesses.

Headquartered in London with 12 additional offices – located predominantly in the South and South-West – Hurst Point is a national business, with more than 400 colleagues.

The investment management business in Exeter operates primarily under the Hawksmoor brand.