Acquisition sees financial planning group take on £2bn worth of assets
Benchmark Capital, a provider of financial planning solutions and part of the Schroders Group, has agreed to acquire a 51% shareholding in Harrogate-based Oculus Wealth Management, subject to FCA approval.
Oculus is a boutique advice network operating an appointed representative model with 26 firms and 35 advisers.
It has partnered with Benchmark since 2015, leveraging its integrated platform, practice management and client portal technology solutions to grow its advice business.
The investment brings an additional £2bn worth of assets to the Benchmark group, adding a broader range of services which help advisers set up and run their own independent practices.
Oculus will continue to focus on supporting advisers from the wealth management and private banking space to operate their business as well as those looking to establish their own practice.
And it will continue to operate independently but with further support from Benchmark for the existing management team.
This is the latest in a series of acquisitions Benchmark has made over the last five years.
Ed Dymott, managing director Wealth, Benchmark, said: “We are thrilled to welcome Oculus to Benchmark and provide the support to allow further growth and progression for an already highly successful business.
“Oculus have been incredibly successful in helping advisers who have previously worked at larger wealth managers and private banks set up their own practices, and we see this as a key growth area in the market.
“Their business-in-a-box model, bringing together Benchmark’s and Oculus services, is a compelling proposition, and we have seen great demand for this offering.
“We have known the team for several years and are excited by the potential for the future with our new partnership.”
Duncan Read, managing director, Oculus, said: “Oculus has a proven, successful business model supporting high-quality, advisers predominantly from the private banking space.
“Building on our existing partnership with Benchmark will allow us to provide even more support for our existing advisers, but also further accelerate the growth of our business over the next few years.
“This move will benefit our highly valued team of experienced advisers and give further choice and options to them with regard to their own businesses and careers.
“Benchmark offer access to financial opportunities for Oculus firms including both expansion and a succession option, thereby allowing us to assist our advisers with their complete career journeys.”
Corporate finance advice to Oculus was provided by KPMG (David Stokoe, Ed Crocker), legal advice by DWF (Lester Wilson, Amy Woodfine) and shareholder tax advice by KPMG (Nathan Potton, Hannah Barraclough).
