Ascot Lloyd Financial Services and Bellpenny, the two firms which merged in July 2017, have become a single, fully independent financial advisory company (IFA) under the unified brand Ascot Lloyd.
Bellpenny had provided restricted advice and Ascot Lloyd independent advice. But, it has been decided that the two companies will now operate wholly as an IFA under the Ascot Lloyd name.
The company said in a statement that the move followed “…strong demand from both advisers and clients. This change will enable the business to provide a broader product set and reflects the group’s ambitious growth strategy as one of the largest independent wealth managers in the UK.”
CEO of Ascot Lloyd Nigel Stockton added: “Ascot Lloyd is a well-known, trusted and highly regarded name and we are excited to go to market under this brand with a fully independent offering. The merger of Ascot Lloyd and Bellpenny in 2017 has already proven highly successful, generating strong growth momentum in only a few months. We are a highly profitable and fast growing business, underpinned by a great team of advisers.
“At the heart of our success is a client driven business, and our move to become fully independent is in direct response to what our clients and advisers want, while also allowing us to offer a more comprehensive service. We have now established an outstanding platform, with significant scale and a trusted brand. Going forward we have considerable opportunities to expand our client base, deepen existing relationships and welcome new, high quality advisers. We look ahead to 2018 with great confidence.”
The merged businesses also reported strong growth in the second half of the year. The combined Ascot Lloyd business now has a turnover in excess of £40m, with over £6bn in funds under management, 80 personal advisers and 40,000 clients.