Main Swedish wealth supervisor Söderberg & Companions has elevated its UK footprint by taking minority stakes in two recommendation corporations, including £1.25bn in AUM (Belongings Underneath Administration).
It has develop into a shareholder in London wealth supervisor Classic in addition to Croydon-based PK Monetary.
The offers mark the fifth and sixth IFA investments or acquisitions within the UK marketplace for the Swedish agency. Söderberg & Companions has not revealed how a lot it paid for the brand new stakes or the scale of the minority pursuits.
Classic is a London-based group of monetary companies companies providing full-service recommendation to the company and private market. The businesses embody wealth administration with greater than £1.1bn in funds underneath administration with a powerful worker profit recommendation service, non-public medical brokerage and SSAS administration providing.
PK Monetary is a Croydon-based IFA whose purchasers have £150m in funds underneath administration. The group is led by administrators Prakash Patel and Jonathan Kelly.
Gustaf Rentzhog, group chief government at Söderberg & Companions stated: “In Classic we see a scalable platform with robust infrastructure and a fast-growing skilled community, whereas PK Monetary has distinctive ranges of shopper service which we predict will serve it nicely for the longer term. As the recommendation occupation faces better overheads and administrative burdens, we’re proud to have the ability to assist these companies to give attention to what they do finest – constructing shopper relationships.”
Geoffrey Hartnell and Robert Stein, founders of Classic, stated: “There is a wonderful cultural match with S&P and we’re impressed by their plans for the UK market the place our methods are extremely appropriate.”
Jonathan Kelly, director of PK Monetary, stated: “Over the previous 40 years our enterprise has grown to go well with the wants of our various and constant shopper base. As we embark on our subsequent part of improvement, we’ve got bold intentions to develop our enterprise.”
The newest acquisitions observe Söderberg’s buy of stakes in 4 IFA corporations final yr. It acquired a minority shareholding in London-based Technology Monetary Providers in December. In September the group acquired a majority stake in Timothy James & Companions and minority stakes in Cambridge-based Dartington Wealth Administration and Atherton York in North London.
Final June Söderberg & Companions introduced it had secured an extra £170m from minority proprietor KKR to assist fund the expansion of its adviser proposition.
The Swedish agency entered the UK adviser market earlier in 2023 and stated it goals to companion with as much as 1,000 monetary advisers within the UK inside 5 years. The agency stated it plans to determine and construct a major unbiased monetary recommendation and funding administration enterprise within the UK.
Söderberg & Companions was based in Sweden 2004 and is without doubt one of the greatest wealth managers and company insurers within the Nordic area and the Netherlands. It has greater than 4,000 workers in 110 places of work in Sweden, Norway, Denmark, Finland, the Netherlands, Luxemburg and Spain, and greater than £60bn in property underneath administration and recommendation.