Wealth manager and Financial Planner Succession Wealth – recently bought by Aviva for £385m – has acquired £800m AUA Yorkshire-based Financial Planner G+E Wealth Management for an undisclosed sum.
G+E Wealth Management was established in 2006 and provides Financial Planning advice to individuals and business owners.
G+E has three offices: one in York and two in Leeds.
Succession says the deal provides an “important expansion” for Succession Wealth in the north of England and it is planning further acquisitions of “high quality” Financial Planning firms nationwide.
For individuals, G+E advises on investments, retirement planning and estate planning. For business owners, it provides Financial Planning advice for individuals and businesses including pension plans, succession planning and inheritance tax planning.
The takeover is Succession Wealth’s first under Aviva ownership and will boost Succession’s assets under administration to over £10bn. It is Succession Wealth’s second acquisition of the year after a deal to buy Pannells Financial Planning in January, which brought in £1.4bn of client assets.
Robert Simpson, managing director at G+E Wealth Management, said: “After 16 years of building G+E Wealth Management, this is an exciting new chapter for us. When speaking to potential partners, our priority was always what was going to be best for our clients and staff. Succession Wealth has a track record of making integrations work to the benefit of clients, and that stood out.”
James Stevenson, chief executive at Succession Group, said: “We felt a genuine synergy when we met G+E Wealth Management. The importance they place on creating a positive culture and building long-term client relationships resonated with us, and we are excited to welcome them to Succession Wealth.
“We remain focused on organic growth and strategic acquisitions where we believe they create value for our clients. As part of Aviva, we will continue to be judicious about who we partner with and are not looking to build scale for its own sake, but are pleased to be in advanced acquisition discussions with several high quality independent Financial Planning firms.”
Succession Wealth was established in 2009 and is a major UK wealth manager and Financial Planner. It has 16 offices in the UK and a workforce of 600, including 180 wealth planners looking after 18,000 individuals, families and corporations. Succession was acquired by Aviva plc in August 2022.
