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Benchmark buys £111m AUM Sussex IFA
Schroders’ Benchmark Capital arm has continued its rapid growth by buying £111m AUM Hayward Heath-based Champain Financial Services for an undisclosed amount.
Champain has been using Benchmark’s technology since 2011 as an AR of the firm.
Benchmark said the existing partnership helped lay a foundation for a smooth transition and integration, with full alignment to Benchmark Financial Planning taking place over the next 12 months.
Champain is a well-established IFA firm based in Hayward’s Heath, West Sussex which, according to the FCA Register, first received authorisation as an AR in 2004.
Benchmark said Champain’s expertise and client base complement its own business, augmenting a strong geographical footprint in the South and South-East regions.
With the acquisition, Benchmark adds £111m in client assets. The deal supports Benchmark's stated strategy to expand its advice business across the UK and support Financial Planning businesses at every stage of their journey, from start-up to efficient operations, successful growth and succession planning.
Ed Dymott, managing director wealth, Benchmark, said: "There’s a lot of options in the market for firm principles to look for succession planning, so we’re pleased that Champain has chosen Benchmark as a stable and secure partner for their staff and their clients. Having already worked with Mike and his team for several years, there’s a strong alignment of values, and the transition will be smooth as our technology is already embedded in the business.”
Mike Champain, managing director, Champain Financial Services, said: "Our top priority was to ensure that our clients continue to receive the high level of personal care they have come to expect. In Benchmark, we knew we had a partner who not only understands this priority but also places it at the heart of their service. They’ve been around for over 30 years, and with 200 years of Schroders history behind them, it gives me confidence that they’ll continue to look after our clients, and their families, for years to come.”
Benchmark has acquired several Financial Planning firms in recent times. In July it acquired 32-adviser, £755m AUM Swindon-based Unique Financial Planning.
In March it bought Chartered Financial Planners Kennedy Independent Financial Advice (KFA) in Derry to expand its presence in Northern Ireland.
In November 2022 Benchmark acquired a 49% stake in West Midlands-based Chartered Financial Planning firm Chartered Independent. It also completed the 100% acquisition of Milton Keynes-based IFA Advison under the firm’s buy-out programme in 2022.
Based in Horsham, West Sussex, Benchmark has £17bn of assets on its proprietary platform and £5bn in model portfolio solutions on behalf of more than 1,000 financial advisers (as at 30.09.22). It employs 450 staff.
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