EP-backed Skerritts buys Hampshire-based IFA
Last year, South Coast-based IFA and wealth manager, founded in 1990, completed nine acquisitions. In March last year, the company secured a £55m war chest from Sovereign Capital Partners, a UK private equity buy-and-build specialist, to fund its growth through acquisitions.
Before its injection of private equity funds, it had made nine acquisitions. This year Skerritts made three further acquisitions with the purchase of Geoffrey Craig Limited, Saffron Wealth Management and Chartered IFA firm Bradbury Hamilton, which together added around £480 million in assets under management (AUM), did he declare.
The latest deal marks the company’s seventh acquisition since funding, adding a further £60 million to its assets under management.
Richard Skerritt, CEO of Skerritts, said: “As part of our strategic plans to grow our presence in the South East, adding a high quality business such as PS to the group allows us to grow in Hampshire and adds a great team of people, led by Geoff, who we look forward to working with.”
Geoff Reed, Director of PS Financial Advisers, said: “As the financial services market continues to evolve, we decided we needed to be part of a larger group, with the added benefits and resources that brings. .
“After much research, we are confident that Skerritts is the stand out partner for us and will help us invest in and grow the office, while continuing to provide our clients with the high level of service they are accustomed to. very exciting time for us.”
Skerritts provides financial planning and investment management services to approximately 35,000 clients. It operates from Hove and a City of London office with a team of 45 people.
Its discretionary service is provided through the firm’s in-house investment management solutions; these include a range of model portfolio strategies and open-ended investment funds. It will also offer its own platform via a white label offer from Hubwise to develop “vertical integration opportunities”.
Over the next five years, Skerritts plans to strengthen its national presence through the establishment of a number of regional offices across the UK.