Bowmore Wealth Group, the newly integrated firm of Citimark Partnership and Bowmore Asset Management, has secured an acquisition fund of £10m, as a part of its plan to grow nationally. The group will be targeting “high calibre” small firms: fund managers with up to £200m in assets under management, and financial advice businesses with up to £100m in assets under advice.
Chief executive of Bowmore Wealth, Mark Incledon, said: “We are looking for high quality, independent business to grow with us.
“We have a family business ethic at our core which we think makes our business a much more comfortable place for former independents that join us.
“We are much more sensitive to their working practices and culture. We’re only going to acquire a firm that has a good cultural fit.”
“What we are offering independents is a very professional platform from which they operate, maintain their client relationships and have a seat at the table.”
“We pride ourselves on our bespoke, personalised offering – that is one of our key differentiators against larger firms.”
Commenting on rising compliance and regulatory costs, Mr Incledon added: “Given this pressure, a growing number of owner-manager teams at smaller firms are considering selling their business but find the idea of joining a large consolidator an unattractive prospect.
“Many consolidators just buy to build up assets under management with little regard for cultural fit.”
Gunner & Co. work alongside Bowmore Wealth Group in identifying appropriate acquisition opportunities. If you’d like to know more about Bowmore contact louise.jeffreys@gunnerandco.com