Private equity backed buyer acquires wealth management business

Gale and Phillipson, a financial planning and wealth management firm with bases in Richmond and Northallerton, has been acquired by Solomon Capital Holdings.

The deal will see Solomon take full ownership of Gale and Phillipson, with CEO David Carr joining the executive team at Solomon following completion.

Founded in 1988 Gale and Phillipson, which also has bases in London and Newcastle, has 34 advisers who oversee the assets and financial affairs of over 3,500 clients.

The business also has its own discretionary fund management arm with around £500m under management and an additional £900m under advice.

With Beaufort Financial, YOU Asset Management and now Gale and Phillipson at its core, Solomon’s model is to acquire other successful regional firms to create an integrated network of hubs serving more than 50,000 clients across the UK.

Solomon is backed by private equity firm JC Flowers & Co, which has a strong track record in financial services going back more than 20 years. Financial terms of the transaction are not being disclosed.

Carr, Gale and Phillipson CEO, said: “This is a momentous day for everyone at Gale and Phillipson and the thousands of clients we are so passionate about serving.

“What the team at Solomon has planned will set new standards in the UK advice and wealth management sector and it is testament to the strength of our business and talent of our team that we have been invited to play such a pivotal role alongside Beaufort Financial and YOU Asset Management.”

Andy Moore, who joined Gale and Phillipson as managing director in June this year, said: “The Solomon proposition is one of the most compelling I have seen in all my time in the industry.

“The vision, strength and experience of the management team combined with the resources and financial firepower of JC Flowers means Solomon must be a serious consideration for any quality firm looking to take their business to the next level and I am thrilled to be a part of it.”

Simon Goldthorpe, vice chairman of Solomon, added: “The acquisition of Gale and Phillipson means we now have the best possible foundations in place to really step up our acquisition and onboarding process.

“With a strong pipeline of high-quality deals already in place we will be adding considerable scale to the business over the coming months as we deliver on our aim to create a leading national advice and wealth management business serving in excess of 50,000 clients.”