British advisory firms Bellpenny and Ascot Lloyd, both owned by Oaktree Capital Management, have joined forces to create a private wealth management and financial advisory business with over £6bn of assets.

The merged entity, named Ascot Lloyd Bellpenny, will house more than 100 financial advisers and caters to over 40,000 fee-paying clients.

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The combined group will also include BIA Financial Planning, which is the independent advice unit of Bellpenny.

Bellpenny CEO Nigel Stockton and CFO Matthew Moore have assumed the roles of CEO and CFO, respectively, at Ascot Lloyd Bellpenny. Ascot Lloyd CEO Richard Dunbabin and founder director Pat O’Hara will be responsible for assisting the executive team.

Ascot Lloyd Bellpenny chairman Grenville Turner said:  “This merger represents a significant step forward in our strategy to consolidate the wealth management and independent financial planning industry in the UK. The combined group is a strong platform for future growth and is well financed to pursue additional acquisitions.”