Ascot Lloyd announced it has acquired QS Financial, with principal Graham Bowser retiring after an effective transition of clients.

Bromsgrove-based QS Financial will add £65m in funds under management to Ascot Lloyd and bolsters the IFA’s presence in the West Midlands following its acquisition of IFA Newell Palmer in December last year.

The company now has over 12,500 clients, as well more than £7.5bn in funds under influence.

Nigel Stockton, CEO of Ascot Lloyd commented:  Stockton commented on Ascot Lloyd’s ambition to consolidate smaller IFAs:  “The outlook for our business has never been so positive, currently of the approximately £600bn of IFA funds across the UK, nearly two thirds are advised by small, standalone IFAs.

“The challenges facing these smaller firms is well known and we believe that this will continue to drive an acceleration of consolidation as smaller businesses look to find homes that can better support them and their clients.”

Louise Jeffreys from Gunner & Co. said: It’s great we have found Mr. Bowser a solution which allows him to retire, whilst knowing his clients will continue to be looked after by an independent firm with a significant local presence”

Graham Bowser joined a Gunner & Co. workshop, before working with Gunner & Co. to broker his business sale.