Perspective Financial Group Ltd (Perspective), the national financial planning and wealth management group, is delighted to announce that it has acquired Atkinson White Partnership, a highly regarded financial planning firm based in Darlington, following the two founders, Simon Atkinson and Neil White’s decision to retire from the business.
Atkinson White Partnership was launched in 2007 and has established an excellent reputation and strong client base advising individuals and companies across County Durham, Teesside and the wider northern counties.
Atkinson White Partnership currently advises 500 wealth management clients and manages £130 million of client assets. Whilst Simon and Neil will retire in the near future, they will remain as consultants for the next few months. The office’s current location will remain the same and the financial planning and administrative team will transfer across in full.
Gunner & Co.’s, M&A advisers on the deal, worked with Simon & Neil for a year ahead of this deal going through, including identifying Perspective as the ultimate buyer.
“We generated a lot of interest in Atkinson White Partnership, resulting in Simon and Neil selecting a buyer that met their full wish list. “
January has been a particularly busy month for Gunner & Co., with c. 50% of deals being completed this month as sellers rush to complete before budget.
This is Perspective’s 39th acquisition since it was founded in 2008, and its fourth since CBPE Capital LLP’s recent major investment in the Group. Darlington is a new location for Perspective, giving it a network of 18 offices across the UK. This and other recent deals takes Perspective’s assets under management to £3.2 billion.
Ian Wilkinson, Chief Executive Officer of Perspective Financial Group said: “This acquisition further strengthens our national network giving us an additional local office in the important Darlington, Teesside and North Yorkshire region. It is consistent with our overall growth strategy to open and develop new hub offices in carefully selected locations throughout the UK and acquire quality “bolt on” client banks from retiring IFAs looking to exit the industry. This deal is a combination of both elements.
“We believe our offering for these types of businesses is very compelling with our strong client-centric, whole of market and professional approach providing an excellent home for any vendor’s clients. For hub acquisitions, our attractive deal structure allows the Vendor to cap any ongoing regulatory liabilities and crystallise significant value whilst still retaining a stake to ensure they share in the future growth of the business.
“We believe our compelling offering is unique in the current market and is highly attractive for all stakeholders – the Vendors, the local team and of course the clients. Indeed, it is a deal that I would have selected had it been available when my firm was acquired by Perspective.
“We are inheriting a very capable team of advisers and administrators. As a new office location, we anticipate we will acquire a number of other retiring IFA’s within the area over the next 12-18 months. We look forward to working closely with their team over the long term, providing support for the office to grow and prosper with our shared client-centric culture at the heart of everything we do.
“We have an extremely strong acquisition pipeline and expect to complete in excess of 10 deals over the next few months.”
Simon Atkinson and Neil White, Directors of Atkinson White Partnership commented: “Over the last 12 months we have thought carefully about the future of our firm. During this time one firm stood out, Perspective. It is rare to find a firm whose ethos and client-centric approach is so closely aligned with our own.
“On meeting with them we soon felt comfortable with their approach, their values, their professionalism and commitment to look after clients with as much care and attention to detail as we have. They are also committed to maintaining our Darlington office as well as retaining, and expanding, our existing staff.
“Their expertise matches ours and, like us, they are fully independent, whole of market advisers. Also, whilst they have the scale of a national group, they retain the feel of a local firm and we are confident that Perspective not only shares the same fundamental values as we do but is large enough to cope with all the regulatory and other issues in the future.”
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