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Sweden's Söderberg completes 4th UK adviser deal
Major Swedish wealth manager Söderberg & Partners has completed its fourth UK adviser deal of the year by buying a minority shareholding in London-based Generation Financial Services for an undisclosed sum.
All existing Generation directors, management, consultants and support staff will remain with the firm, Söderberg said.
Söderberg said its deal will help Generation grow and improve its offering, while maintaining its ethical approach to client service.
It said the key difference will be the addition of extra functionality for Generation in the way it delivers client advice and support services, and a wider range of opportunities.
Generation Financial Services includes the trading names of Generation Wealth Management, Generation Employee Benefits and Generation Charity Consultancy. According to the FCA Register, the firm has been authorised since 2009 with the three trading names authorised since 2020.
Söderberg said it takes a client-first approach and believes in the power of technology and carefully-designed investment products.
Gustaf Rentzhog, group chief executive at Söderberg & Partners, said: “The advice profession comes with increasing operational costs and regulatory requirements. We are pleased to be able to offer support to a smaller firm in this regard, as well as with managerial and back-office activities, so Generation can reach its full potential. This is the latest step in our growth strategy, which has seen us take stakes in three other IFA firms as we seek to make our mark in the dynamic UK marketplace.”
Andrew Waller, director and joint owner of Generation, said: “Our ambition is to set new standards and demonstrate best practice within the wealth management and employee benefits sectors. With Söderberg as our partner we are confident we will achieve our goal.”
This latest acquisition follows Söderberg’s September purchase of stakes in three IFA firms. The group acquired a majority stake in Timothy James & Partners and minority stakes in Cambridge-based Dartington Wealth Management and Atherton York in North London.
In June Söderberg & Partners announced it had secured an additional £170m from minority owner KKR to help fund the growth of its adviser proposition.
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 said it 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 more than £60bn in assets under management and advice.
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