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Söderberg takes stakes in 2 more UK firms
Major Swedish wealth manager Söderberg & Partners has increased its UK footprint by taking minority stakes in two advice firms, adding £1.25bn in AUM (Assets Under Management).
It has become a shareholder in London wealth manager Vintage as well as Croydon-based PK Financial.
The deals mark the fifth and sixth IFA investments or acquisitions in the UK market for the Swedish firm. Söderberg & Partners has not revealed how much it paid for the new stakes or the size of the minority interests.
Vintage is a London-based group of financial services businesses offering full-service advice to the corporate and personal market. The companies include wealth management with more than £1.1bn in funds under management with a strong employee benefit advice service, private medical brokerage and SSAS administration offering.
PK Financial is a Croydon-based IFA whose clients have £150m in funds under management. The team is led by directors Prakash Patel and Jonathan Kelly.
Gustaf Rentzhog, group chief executive at Söderberg & Partners said: “In Vintage we see a scalable platform with strong infrastructure and a fast-growing professional network, while PK Financial has exceptional levels of client service which we think will serve it well for the future. As the advice profession faces greater overheads and administrative burdens, we are proud to be able to support these businesses to focus on what they do best – building client relationships.”
Geoffrey Hartnell and Robert Stein, founders of Vintage, said: “There is an excellent cultural fit with S&P and we are impressed by their plans for the UK market where our strategies are highly compatible.”
Jonathan Kelly, director of PK Financial, said: “Over the past 40 years our business has grown to suit the needs of our diverse and loyal client base. As we embark on our next phase of development, we have ambitious intentions to grow our business.”
The latest acquisitions follow Söderberg's purchase of stakes in four IFA firms last year. It acquired a minority shareholding in London-based Generation Financial Services in December. In September 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.
Last 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 in 2023 and said it 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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