Socium Group, an independent advice network, is set to acquire Beaufort Group – a key part of the firm’s wider plan to create a national business of 300 advisers across 15-20 hubs around the country in the next five years.
Socium was launched in 2019 and has been focused on external growth, expecting to acquire eight firms by the end of 2020.
The acquisition of Beaufort will bring £1.1bn of assets under management to Socium
Mary-Anne McIntyre, former CEO of Socium, says: “The strategy for Socium has been to work with growing firms aiming to double their businesses over the next few years, becoming hubs at the heart of the group.
“Beaufort Group embodies this approach, as a successful, growing, client focused business. It also brings with it the added advantage of considerable investment experience and an investment management solution that will be core to our strategic ambitions.”
The transaction is subject to regulatory and shareholder approval.
Socium’s buy and build strategy is similar to a number in the market currently. If you’d like to understand how these models work contact Joshua Lee at Gunner & Co. – joshua.lee@gunnerandco.com