Long-established wealth manager and stockbroker Redmayne Bentley has completed the acquisition of the client assets of failed Liverpool wealth manager and stockbroker Blankstone Sington. 

Redmayne Bentley says it has now integrated the private client business of Blankstone Sington Limited into its own operation.

The deal means 1,700 clients have moved to Redmayne Bentley which has created four new jobs and opened a new office in Liverpool city centre. 

Blankstone Sington went into Special Administration in mid-October last year causing the client assets and money being frozen.

Administrators worked with the board, the FCA and the FSCS to find a firm to receive the client bank and provide ongoing services.

In late April, Redmayne Bentley was announced as the preferred firm. The cost of any deal has not been disclosed.

As part of the takeover Redmayne Bentley opened a new office at Twenty Chapel Street in Liverpool’s centre. The firm has also appointed former Blankstone employees Ben Taxman, Sarah Eden-Heyes, Enid Aubrey and Ali Keegan, as the point of contact for clients, assisted by the firm’s 200-strong Leeds head office.

Stuart Davis, chief executive, of Redmayne Bentley, said: “For the former Blankstone clients, finalising the transfer of their assets and cash to Redmayne Bentley hopefully concludes a chapter of uncertainty, frustration and worry. We are delighted to support them with our award-winning personal investment management, Financial Planning and traditional stockbroking services.

“This acquisition supports our long-term strategy for growth, while continuing to focus on delivering excellence.”

Redmayne Bentley was established in 1875 and is a major independent private client wealth management and stockbroking firm. It has more than 150 client-facing investment professionals and 25 offices throughout the UK.

Blankstone Sington failed in February last year with the FSCS announcing it would be investigating whether there were any claims eligible for compensation.

A spokesperson for the FSCS at the time said the compensation body was working closely with the administrators as it expected to pay compensation in order to transfer clients’ money and assets to new brokers.

Blankstone Sington operated since 1976 and offered investment management, model portfolio services, inheritance tax services and stockbroking. The firm also offered services relating to Sipps, estate administration, personal and trust taxation services and ISA advice.

According to the FCA’s register, Blankstone Sington (BSL) was authorised to do pension and investment work. It was also a member of the Stock Exchange.

On 16 November 2021, the FCA took temporary action to prevent BSL from disposing or diminishing the value of its own assets, accepting new client money or new custody assets from existing clients and from opening new client accounts, without the written consent of the regulator.

According to the administrators, Blankstone agreed to enter voluntary requirements in November 2021 because of the loss of several experienced staff who could not easily be replaced. It meant the firm could not take on any new clients.