Bristol-based Clifton Asset Management has acquired Caerphilly-based financial advisers Mark Philips Ltd, boosting Clifton’s assets under management (AUM) to over £1bn.
The new deal is Clifton’s third in three months with the company expected to strike several further acquisition deals by the first half of 2023.
The firm is pursuing a ‘buy and build’ acquisition strategy after receiving funding from independent asset manager Boost & Co in July.
Mark Phillips Ltd is owned by experienced financial adviser Mark Phillips who has over 40 years of industry experience. The acquisition will add more than 250 clients with AUM of £40m to Clifton.
Mr Phillips will continue to support the firm with the transition of clients to Clifton.
Anthony Carty, group Financial Planning director at Clifton said: “We are particularly thrilled to be working with Mark and his clients. His client focus and commitment to great outcomes mirrors our philosophy at Clifton.
“Whilst Mark will be working with us for a couple of years to help transition clients over to Clifton, we hope that after all his years of providing a dedicated service to clients, he can move into retirement knowing that his clients are being very well looked after by the Clifton team.
Mr Phillips Limited said: “I looked at a variety of options and talked to potential acquirers but after a very positive series of meetings I knew that Clifton was a good fit for my clients. They are clearly very competent and having made multiple acquisitions they are very experienced in smoothly transitioning clients across over to the Clifton proposition.
“Many of my clients have been with me a long time, some for over 40 years, so it was particularly important that I made the right choice.”
Since July 2022, Clifton has acquired three financial advisory firms – Burnett & Reid Wealth Management Limited, Noble James Associates Ltd, and Mark Phillips Ltd. The firms have a combined AUM of £350m.
