The deals in 2020 added £1.25bn in assets under administration to the group plus 5,000 new clients.
Hurst Point Group was launched in 2019 to manage investment by private equity firm The Carlyle Group in the UK wealth sector. It made its first investment in March last year with the acquisition of Harwood Wealth Management.
The five Financial Planning firms acquired by Hurst Point in 2020 were: Cameron Lewnes, Portcullis Wealth Management, Russell Marlow, Hazlewood Investment Services and Gallagher’s Wealth Argentis Financial Planning division.
Hurst Point says the deals have added approximately £6m of revenue, more than 20 employed advisers and about £1.25bn of assets under administration.
Hurst Point’s largest acquisition so far came in December with the takeover of Gallagher’s Wealth division, Argentis Financial Planning. The deal saw several Chartered advisers and staff join the group.
Argentis added 5,000 additional clients in 2020 and increased its the total number of Financial Planning clients to more than 15,000 and advisers to over 100.
Last week Hurst Point Group announced it had agreed to acquire Hawksmoor Group Limited. Hawksmoor will become a separate subsidiary of Hurst Point Group and will expand its investment management and specialist funds. Raymond James provided financial advice to Hurst Point Group on the transaction.
Hurst Point says it continues to see “an attractive pipeline” of both Financial Planning and investment management acquisition opportunities, with one further acquisition due to complete at the end of March, while a number of other potential takeover discussions are under way.
Neil Dunkley, head of Financial Planning at Hurst Point Group, said: “We are very pleased that, despite the disruption of the pandemic, we have managed to complete five Financial Planning acquisitions since the acquisition of Harwood Wealth. We have brought a number of very talented individuals into the team and are able to provide them with the central support which is so needed during uncertain times.
“It is particularly pleasing to have completed the transaction with Argentis in December, our largest deal to date. We remain ambitious and are excited to continue our successful buy-and-build strategy with quality IFAs going forward."