Message
Swedish wealth manager buys stakes in 3 adviser firms
Major Swedish wealth manager Söderberg & Partners has acquired a majority stake in a London IFA firm and taken minority stakes in two other UK advisers as part of its expansion drive in the UK.
The three firms are: Timothy James & Partners Group, Dartington Wealth Management and Atherton York.
As part of the deals, Söderberg is acquiring a majority stake in the London-based IFA firm Timothy James & Partners (TJP) from current owner Waverton Investment Management Group.
Söderberg & Partners has also taken minority stakes in advice firms Dartington Wealth Management, based in Cambridge, and Atherton York (Chartered Financial Planners) in North London.
The Swedish firm entered the UK adviser market earlier this year and aims to partner with up to 1,000 financial advisers in the UK within five years.
The firm plans to establish and build a significant independent financial advice and investment management business in the UK.
Söderberg & Partners was founded in Sweden 2004 and is one of the biggest wealth managers and corporate insurers in the Nordic region and the Netherlands. It has more than 4,000 employees in 110 offices in Sweden, Norway, Denmark, Finland, the Netherlands, Luxemburg and Spain, and over £60bn in assets under management and advice.
The cost of the investments has not been disclosed and Söderberg says it has further acquisition in the pipeline, it said.
Gustaf Rentzhog, CEO and co-founder of Söderberg & Partners, said: “We’re not in the business of buying and consolidating. We believe in backing entrepreneurs with a clear vision, and helping them realise their goals.
“That is exactly what we see in Tim Whiting and the entire team at TJP. Entrepreneurs with a clear vision of what kind of values they want to create for their clients, and a hunger to constantly improve and go beyond what is expected from them. They put their clients first, which makes them a perfect match with Söderberg & Partners values. TJPs’ focus on media and sport is also a valuable complement to our current wealth management offerings tailored for niche clients, and we are proud to be partnering with them.”
Tim Whiting, founder, and managing director for TJP, said: “We have spent the last 6 months getting to know Söderberg & Partners and we have found Gustaf and his team to be personable, dynamic and all in all a great cultural fit for our business with strong client-first mentality and a focus on superb customer service.
"With their support we can build TJP to be a flagship for independent advice in the UK and together we will create a platform which offers functional up to date technology. This partnership enables future growth where our target is to acquire London IFAs who want to ensure their clients receive bespoke personal independent advice.”
David Rosier, chairman of Waverton Investment Management Group, said: “Over the last 3 years Waverton has made and continues to make huge progress in terms of delivering our 5-year plan. It has become increasingly apparent that the TJP business has aspirations for its brand that are not aligned with ours. I am therefore delighted that we have identified Söderberg to partner with TJP and to take the business to the next stage of its growth.”
Söderberg & Partners acquisition in TJP is subject to approval from the FCA.
Mr Rentzhog added: “Our investment in Dartington Wealth Management and Atherton York is important for our expansion in UK and we will work closely with the companies and back them in broadening their offering, but also support their growth. By the end of next year we expect to have partnered with various firms who will, in total, be managing close to £10bn of client assets.”
From Financial Planning Jobs. For more click on any job.
This is a selection of jobs from our new Financial Planning Jobs site - for more job vacancies click on any job or the link below.
Financial Planning Jobs https://jobs.financialplanningtoday.co.uk/