National wealth manager Bellpenny has announced this morning that it is taking over a Winchester based financial advisory firm.

The firm has struck a deal to acquire City Wealth Management Independent Financial Advisers.

The acquisition is Bellpenny's 24th and involves 100 active clients and £31m of funds under management.

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Bellpenny's chief executive Kevin Ronaldson said: "CWM provides a premium Financial Planning service to high net worth clients in one of the UK's most prosperous areas.

"There will always be keen competition amongst potential acquirers for high-quality, well-managed IFA businesses such as this. It's a testimony to what we're building at Bellpenny that more and more sellers of CWM's pedigree view us as the ideal fit - both for them and their clients."

City Wealth Management directors Andrew & Angela Gibson said in a joint statement: "Our business was founded on the provision of a very personal, tailored service.

"In assessing the various sale options open to us, the priority was to ensure that clients would benefit from a real sense of continuity in this regard. Of all the companies we spoke to, it was clear that Bellpenny is best-equipped to deliver this. We've also been thoroughly impressed by Bellpenny's vision, its proposition and its people."

Bellpenny reached £1 billion in funds under management in October 2013, a year after opening for business and in September 2014 this rose to over £2.5 billion.
The company's ambition is to be "the UK's most respected financial advice brand".