Expanding Financial Planner Shackleton has acquired South West-based Financial Planning and wealth management group Chetwood, adding £900m in AUM to its assets.
The deal, for an undisclosed sum, is Shackleton’s fourth of the year and boosts total assets under advice and management to £8bn.
The acquisition will also add 45 staff to Shackleton, boosting total staff numbers to 450.
The Chetwood Group consists of Chetwood Wealth Management, Chetwood Investment Management, Chetwood Private Wealth, Ermin Fosse Financial Management and Darnells Wealth Management.
Chetwood Bank is not connected to the deal.
Chartered Financial Planning firm Shackleton recently announced it would effectively be taken over by private equity firm Lee Equity Partners, LLC. South Coast-based Shackleton, previously called Skerritts, was initially supported by private equity firm Sovereign Capital Partners. The transaction remains subject to regulatory approval.
Since Sovereign’s investment, Shackleton has made 18 acquisitions to expand its coverage across the UK. It says it wants to establish itself as a leading, nationwide financial advice group with a presence in major towns and cities across the country.
Shackleton CEO Paul Feeney said: “At Shackleton, we bring together the most respected, professional financial advice practices and unite them under one approach and one set of values and I am really pleased that Chetwood Wealth Management and all group firms are joining us to strengthen our presence in the South West.
“I have been working with Mark, George and Richard closely over the last couple of months and I am excited about the wealth of experience and expertise they will be bringing to our team.”
Mark Pendarves, executive chairman of Chetwood Group, said: “Our journey has brought us to a stage where further growth and evolution require significant investment in technology and infrastructure. As a privately-owned family business, we’ve made the thoughtful decision to join a like-minded organisation that shares our values and commitment to excellence.”
The latest deal involved buyside assistance from BDO (Financial & Tax), TCC (Regulatory) and Pinsent Masons (Legal).
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