Bellpenny commences talks with EFG IFA for terms of acquisition

Bellpenny is planning to acquire EFG IFA, the advisory arm of EFG Private Bank Limited. The monetary terms of the deal are undisclosed.

EFG Independent Financial Advisors has two offices in the midlands as well as one in London. If the acquisition goes to plan, it will be the first acquisition for the consolidator in over a year, having not made an acquisition since last summer (Cranfield Financial Services Ltd). The acquisition of EFG IFA would become the firm’s 33rd acquisition since the firm’s launch.

EFG IFA is currently operating under EFG Private Bank Ltd, who themselves are a subsidiary of Luxembourg banking firm EFG Investment, a division of Swiss-listed firm EFG International AG which has £70.64 Billion assets under administration. (according to EFG International’s 2016 quarterly report).

. EFG IFA boasted a turnover of £5 Million in 2015 with an operating profit of £729,000 with a team of 11 financial advisors across the country, situated in Wolverhampton, Birmingham and London.

Bellpenny reached £1 billion in funds under management in October 2013, just a year after opening for business; following this, they passed £2.5 billion FUM in September 2014 and £3.5 billion in July 2015 – the business has been built completely on acquisitions.

In terms of Bellpenny’s acquisition strategy going forward, , the team told Gunner & Co. “We’re looking to make less acquisitions, but of businesses of greater scale, allowing for an easier integration process”. This seems favourable to the potential acquisition of EFG IFA, and suggests more acquisitions of IFA’s on the horizon from Bellpenny.

If you would like to know more about Bellpenny’s acquisition strategy, contact