Wolverhampton-based firm Newell Palmer has completed the purchase of Worcester-based Moneyfax fps Ltd. The fee was undisclosed. It is the first acquisition it has made in 2018 but there are more “in the pipeline”, the company said.
Moneyfax has been offering Financial Planning advice and wealth management services to clients in surrounding areas since 2004.
The Moneyfax deal adds £20 million of funds under management and 80 active clients to Newell Palmer’s growing client base.
Paul Horsely, Principal of Moneyfax, said: “In recent years there have been many changes within the financial services industry and it has become increasingly onerous for a small practice like ours to enhance the levels of service we feel our clients deserve.
“This is an exciting time for my clients who I’m confident will be looked after by Newell Palmer and their extensive resources.”
The newly acquired clients will be looked after by Newell Palmer’s Bromsgrove office.
Newell Palmer finance director Kevin Homfray said: “This acquisition will strengthen the presence of our Bromsgrove business across Worcestershire and the surrounding areas.
“With the introduction of Mifid II and the GDPR deadline closing in, it’s making it difficult for firms to continue operating and servicing their clients to the high standards they expect.
“I’m pleased that we have been able to offer a satisfactory solution to Moneyfax and would like to wish Paul all the best for the future.”
Newell Palmer said it has “a strong position on the acquisition front with healthy cash reserves and a solid partnership with banking firm Allied Irish Bank”.
The Wolverhampton-based firm celebrated its 25th anniversary on February 17.