Financial Planning firm Ascot Lloyd has bought Swansea-based IFA Portfolio Financial Consultancy which has £323m assets under management.
The deal for the whole business was for an undisclosed amount.
On its website Portfolio Financial Consultancy told its clients: “Portfolio Financial Consultancy Ltd has become part of Ascot Lloyd, who are one of the UK’s leading Independent Financial Advice firms.”
Portfolio was founded as an IFA in Swansea in 1999 and has grown to 19 staff who will all become part of Ascot Lloyd, although they will remain in their existing Swansea office.
Ascot Lloyd was set up in 2003 and has around £10bn in funds under influence and provides Financial Planning, wealth management and corporate benefit solutions to more than 20,000 clients.
It has more than 500 staff in 17 UK locations and has seen continued growth under its current management team, led by Nigel Stockton.
Mr Stockton said: “We focus on the importance of Financial Planning, not just financial advice.
“As a rapidly growing national firm we have opportunities across the country which enable our employees to work flexibly with the technology and support behind them.”
European private equity firm Nordic Capital acquired Ascot Lloyd from US-based Oaktree Capital Management for an undisclosed sum last October.
Before then Ascot Lloyd had acquired a number of Financial Planners across the country, including Kemble Warwick, Corporate Benefits Consulting, Gregory Adam Financial Management, Fitzroy Wealth Management and Ring Associates in 2020.
In August 2021 it completed the acquisition of Aberdeen-based Central Investment Services, a few months after securing funds from Ares Management Corporation to increase its capital available for acquisitions to over £100m.
