The deal, topic to regulatory approval, is the primary stage of as technique to construct a nationwide recommendation enterprise, serving in extra of fifty,000 purchasers, it stated.
The preliminary acquisition contains full possession of the monetary planning agency, Beaufort Financial, and its discretionary fund administration (DFM) agency, YOU Asset Management (YOU), each of which is able to retain their very own model identities and management over day-to-day operations, Solomon stated.
Following completion of the deal, Beaufort Group CEO Derrick Dunne and co-chair Simon Goldthorpe will be part of the manager group at Solomon. Goldthorpe will develop into vice chairman.
Beaufort Financial joined Beaufort Group in July 2018, and its DFM arm rebranded from Beaufort Investment to YOU final yr. YOU has over £1.4bn in funds beneath administration and provides a collection of energetic, revenue, enhanced passive and moral mannequin portfolios in addition to its personal multi-asset mix funds.
Solomon Capital Holdings was based by former Quilter Financial Planning CEO Andy Thompson and CFO Darren Sharkey final yr, aiming to create a technology-enabled nationwide recommendation enterprise offering holistic and hybrid recommendation. The enterprise is backed by non-public fairness agency JC Flowers & Co.
Thompson stated: “Over the years, Simon, Derrick, Andrew Bennett and the team have built tremendously successful businesses in Beaufort Financial and YOU, earning great reputations in the process.
“The complimentary businesses provide a significant and strong set of foundations on which we can build, with a shared vision for the future. The talented professionals they employ and the proposition they have developed is second to none.”
Goldthorpe stated: “The deal with Solomon is a positive, natural and planned next step for the business and one about which we are extremely excited. We partnered with Solomon because the quality and vision of its leadership team, combined with the strength and track record of its financial backer, will provide us with the platform to set new standards in how financial advice is delivered in the UK.”
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Source: countryask.com
