Reading based Acquisitive wealth manager Bellpenny, has completed its tenth deal with the purchase of Glasgow-based IFA KM Financial Advisers (KMF).

KMF gives Bellpenny £48 million in funds under management and 250 active clients, with assets evenly split between pensions and investment business.

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The deal marks Bellpenny’s tenth acquisition since its inception in July last year.

Following the acquisition, Bellpenny will close KMF’s office in Torrance, near Glasgow and the three people working for the business will leave after a transition period.

In their place, a Bellpenny financial adviser based in Scotland will serve KMF’s 250 active clients while administration will be undertaken at its headquarters in Reading.

Bellpenny chief executive Kevin Ronaldson said: "This is our tenth acquisition and we’re seeing no evidence of a decline in interest and enquiries from prospective IFA sellers.

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"The purchase of KMF means that Bellpenny now has a presence in Scotland, England and Wales. The deal establishes a platform for further expansion in Scotland and northern England, and is another important step on our journey to become a truly UK-wide financial planning operation.

"It is perfectly reasonable to think we could acquire another three or four business in the Glasgow-Edinburgh area and then we could build a brand on a local but also national basis," he added.

Gordon Bannerman KMF director said: "We have been courted by a number of prospective acquirers both leading up to, and since, the introduction of The RDR. Bellpenny stood out from the crowd with its clear-sighted vision and unwavering focus on client interests."

"With the UK financial planning sector still in the throes of arguably it’s biggest-ever upheaval, Bellpenny is shaping up to be one of the outstanding post-RDR success stories," Bannerman added.

Ronaldson said Bellpenny is aiming to build £4 billion in funds over five years.

Bellpenny currently has 30 advisors and around £900 million assets under advice.