Redmayne Bentley to acquire client assets of failed broker

Leeds-headquartered wealth management and stockbroking firm, Redmayne Bentley, has confirmed it is acquiring the private client business of Blankstone Sington Ltd. (BSL) 

Leonard Curtis was appointed as the special administrator for the Liverpool-based wealth manager and stockbroker BSL in October last year, securing all clients’ assets and safeguarding the company’s systems.

It decided the most favourable solution for BSL clients was a transfer of their money and assets to a single broker which is also regulated by the FCA.

Redmayne Bentley was selected as the preferred candidate and completion of the transfer is expected in late June.

BSL, which had more than £400m of funds under management, was declared as “failed” by the FSCS (Financial Services Compensation Scheme) in February of this year.

The company, which was known for brokering the sale of shares in Everton FC, entered special administration on October 16, last year, following a Court Order under the Investment Bank Special Administration Regulations 2011.

Special administration is a modified insolvency procedure for certain investment firms.

Stuart Davis, chief executive at Redmayne Bentley, said: “We are pleased Leonard Curtis selected Redmayne Bentley.

“Being a privately owned business of 150 years standing, we look forward to providing these clients with some stability and certainty going forward.

“Our service proposition, and the high levels of client service that we have always strived to deliver, provide a natural fit for Blankstone Sington clients.

“We are entering the final stages of regulatory and legal approvals but have passed key milestones such as signing of the sale and purchase agreement and submitting migration plans to the regulator.

“We are excited to be able to provide these clients with our personal investment management, financial planning and traditional stockbroking services, as we continue to grow and invest in the business for our long-term future.”