Söderberg takes stakes in 3 IFA firms as expansion continues
Swedish wealth manager Söderberg & Partners has invested in three more adviser firms as it expands its financial advice presence in the UK.
The latest deals bring the total of UK firms invested in by the fast-growing firm to 15.
Söderberg, one of Sweden’s biggest wealth managers, has invested in a growing number of UK advice businesses in the past two years, typically taking sizeable minority stakes.
The stake taken in each of the three firms announced today has not been disclosed.
The three firms the wealth manager has invested in are:
- HCF Partnership and Essex Financial Management Ltd, based in Radlett, Hertfordshire. These two financial services firms have been in business since 1982.
- Grosvenor Consultancy, a regional IFA based in Bristol and Swindon. The firm has around £650m of client assets under management, with 16 advisers and 19 support staff.
- Prosperity IFA, a Crowborough-based firm founded in 2012 by Simon Munday. Prosperity IFA manages around £130m of client money. It is an associate member of the Personal Finance Society.
Gustaf Rentzhog, CEO at Söderberg & Partners, said the investments in the firms are part of the wealth manager’s continuing strategy to invest in adviser firms that want to scale up.
He said: “Our strategy as we launched into the UK market has always been to invest in the best advice businesses we can find and help them move to the next level."
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The wealth manager took a stake in four other IFA firms in April.
The latest stakes follow the raising of new capital to fund the wealth managers' UK expansion plans earlier this month.
Earlier this year the group revealed plans to buy a significant minority stake in Bath-based advisory firm Fidelius for an undisclosed sum, as well as investing in London wealth manager Vintage and Croydon-based PK Financial.
Söderberg bought 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.
The Swedish firm entered the UK adviser market in 2023 and said it aims to partner with up to 1,000 financial advisers in the UK within five years.
Söderberg & Partners was founded in Sweden 2004 and has more than 4,800 employees in 110 offices in Sweden, Norway, Denmark, Finland, the Netherlands, Luxembourg and Spain, and more than £70bn in assets under management and advice.
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