British wealth manager Rathbone Brothers has agreed to buy financial planning business Saunderson House in a deal valued at £150m.
The acquisition will add 2,200 clients and 55 financial advisers to Rathbone.
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Saunderson House, which serve professional services clients in London and the South East, has £4.7bn in assets under management.
The firm provides personlised services to accountants and lawyers and is said to cater to approximately 2,200 HNW clients with an average portfolio size of £2.2m.
The addition of Saunderson House is expected to bolster Rathbone’s financial planning capability and improve its ability to offer wealth management proposition to clients.
It will also enhance the company’s capacity to offer financial planning to Rathbones Investment Management (RIM) clients as UK continue to see increasing demand for financial advice.
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By GlobalDataThe acquisition will bolster Rathbones’ financial planning assets to £8.3bn and make it the third largest wealth manager in the UK with £61bn in total AUM.
Rathbones CEO Paul Stockton said: “Saunderson House is a high-quality business with a strong desire to deliver leading wealth management services to clients over the long term, and it will add both scale and capability to Rathbones.
“Commonly shared values and a resolute focus on delivering quality client outcomes provide a firm foundation from which to take advantage of some exciting growth opportunities. I very much look forward to welcoming everyone at Saunderson House to the Rathbones group as we work to exceed our ambitions together.”
Saunderson House CEO Tony Overy added: “This transaction provides long-term ownership stability for Saunderson House to enable us to continue to focus on providing our high level of client service, developing and enhancing our proposition, and providing an excellent environment for our people as part of a well-respected and well-capitalised group.”
The deal, subject to regulatory approvals, is expected to complete in the third quarter of the year.
In 2019, private equity firm Epiris agreed to acquire the entire share capital of financial services firm IFG Group, the parent of Saunderson House, in a deal worth around £206m.
