A new IFA consolidator has launched in the UK with the backing of private equity firm Apiary Capital, which has a majority shareholding in the business.

Apiary invested an undisclosed amount in the new business, dubbed Radiant Financial Group. The consolidator also bagged investment from existing management.

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At the same time, Radiant announced the cornerstone acquisition of CWB, which focuses on financial advice, tax planning, employee benefits and business consultancy services.

The new entity’s launch is built on the foundations of advice businesses – CWB, PPS and ReSource Mortgages.

The entity presently manages £800m ($1bn) in assets and has 20 advisers. It eyes growth both through takeovers and organically.

Apiary partner Jeniv Shah said: “CWB is a high-quality group, with a clear strength in compliance and client-centric service, all underpinned by their culture.

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“This is an excellent foundation on which to build the Radiant Group.”

The entity will be spearheaded by ex-Skandia CEO Peter Mann as the chairman, and Simon Cogman-Hellier as the CEO.

Cogman-Hellier, a financial industry veteran of over four decades, previously had stints at Marsh & McLennan, KPMG, Oval and Bluefin.

He noted: “Our industry remains fragmented and this represents an opportunity for like-minded IFAs to become part of something special, allowing them to remove the regulatory and admin burden whilst continuing to work in an open, positive environment, focused on doing the right thing by their clients.”

In another key development in the UK, Bristol-based wealth management business Integrity365 opened for business.

The firm, led by Jelf Group founder Chris Jelf, welcomed MRIB as its founding acquisition.