KW Wealth has acquired an independent financial adviser (IFA) in East Yorkshire as part of its national growth strategy.
The deal to acquire IFA firm Marchant McKechnie will bring an additional £1.4 million in revenue to KW Wealth, formerly European Wealth.
Marchant McKechnie will continue to operate from its existing office in Beverley and will become KW Wealth’s seventh regional office in the UK, after London, Manchester, Cheltenham, Maidstone, Brighton and Worcester.
Marchant McKechnie will add around 700 clients and has about £200 million of assets under advice (AUA) to KW Wealth, taking KW Wealth’s total AUA to over £2 billion.
It also pushes the firm’s financial adviser headcount up to 20 and its active client base to over 4,000.
Marianne Ismail (pictured), CEO of KW Wealth, said the IFA is a ‘strong addition’ to the firm as it looks to build a ‘new national brand in the UK wealth market’.
She said: ‘The UK wealth market is excessively fragmented, and we believe that there is a substantial market opportunity to build a national brand for quality, independent wealth planning advice and investment management.
‘The rebranding of European Wealth to KW Wealth and the acquisition of Marchant McKechnie are first steps. Our objective is to grow both organically and dynamically by acquisition in the UK and US, and we are actively looking at opportunities in both countries.’
In its half-year results for the six months to June 2018, the company said it had already developed a ‘pipeline of small to medium sized acquisitions’ in both the UK and US.
The business noted: ‘The opportunity for our group lies in partnerships with smaller successful firms with a strong cultural fit with our existing business. There are many opportunities being presented to the group on a weekly basis.’