WH Ireland doubles private clients after Pritchard deal

STOCKBROKING firm WH Ireland has acquired a large part of the client list of rival wealth manager Pritchard Stockbrokers and its subsidiary Prism Nominees for a sum of up to £500,000.

Pritchard, which has Glasgow Rangers owner Craig Whyte as board secretary, was banned from further trading by the financial regulator earlier this month.

The Birmingham firm will gain around 8,000 active private clients from Bournemouth-based Pritchard and the non-cash assets under management relating to those clients, valued at approximately £400m.

The transaction will increase WH Ireland’s number of private-client stockbroking clients by approximately 50% and total assets under management by approximately 25%.

Following completion of the deal, WH Ireland will be in a position to undertake regulated activities for those of Pritchard’s clients that have transferred over.

WH Ireland chief executive Paul Compton said: “The transaction increases our regionally-based private client business and moves our nominee funds total forward. It provides an immediate resolution to what had become a worrisome situation for PSL clients.”