Convenient exit or client sacrifice? Private equity s £3bn march into advice and wealth management
Parmenion latest firm in PE takeover
Laura Miller
Laura Miller takes an in depth look at private equity’s march into the UK financial advice sector and asks if clients are being factored into the multi-million pound deals
In dark mid-January when most of us were fortressed inside watching gloomy grey new year skies, CEO Alan Hudson was busily selling national advice firm AFH to US private equity investor Cortina Bidco for.
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As another US firm ventures into the UK wealth management space
The UK appears to have become an appealing market to our American cousins, with a spate of recent announcement heralding their growing presence in the space.
The latest of which is a conditional agreement between AFH Group and Cortina Bidco, a newly incorporated company indirectly controlled by funds managed by Flexpoint Ford.
Flexpoint managing director Steven Begleiter said: “We believe that the UK wealth management market is currently undergoing an important transition, as regulatory and demographic trends are driving increasing demand for high-quality financial advice tht can be met by IFA firms with a long-term and client-centric view.
AIM WINNERS & LOSERS: AFH Rises On GBP224.5 Million Takeover Offer
Mon, 25th Jan 2021 10:29
(Alliance News) - The following stocks are the leading risers and fallers on AIM in London on Monday.
AIM - WINNERS
Journeo, up 27% at 72.30 pence, 12-month range 43.4p-75p. The transport technical services firm said it has secured a one-year extension to a framework agreement with First Bus UK. The extension will continue to March 2022, unless further extended, and is expected to generate GBP1.8 million in revenue.
Proton Motor Power Systems, up 25% at 117.48p, 12-month range 23p-122.97p. The fuel cells company said it has received a third order from an unnamed large international engineering and aerospace group for four Proton Motor S8 fuel cell systems for the autonomous provision of energy and heat. The customer has indicated that there may be further follow up orders to come.