GB FINANCIAL SERVICES ACQUISITION

Clifton Asset Management, a wealth management firm based in Bristol, has acquired GB Financial Services, a Chartered Financial Planner firm in the West Midlands.

This marks Clifton’s fourth acquisition in nine months and sixth overall, bringing their total Assets Under Administration (AUM) to £1.2bn. The acquisition of GB Financial Services, based in Wombourne, West Midlands, is expected to contribute to the increase in AUM to approximately £1.2bn.

Clifton has expressed plans for further acquisitions across the country, aiming to increase AUM to £2bn in the next 12 months.

GB Financial Services, with approximately 550 clients, has a strong reputation in Wolverhampton and Dudley. Barry Hamblett and Sally Mynett, Principals of GB Financial Services, will join the Clifton Wealth Partnership advisory team on a consultancy basis for two years to aid with the transfer of clients to locally-based advisers.

Anthony Carty, group Financial Planning director at Clifton, expressed his excitement over the acquisition. He said “We are thrilled with this, our sixth acquisition, and very happy to confirm that Principals Barry Hamblett and Sally Mynett will join the Clifton Wealth Partnership advisory team on a consultancy basis for two years to assist with the handover of clients to two locally-based advisers.

“Adding to our national profile is important, and it is great news that we will be retaining the GB Financial Services offices and staff located in Wombourne. 2023 has started strongly with this announcement, but what is equally as exciting is that we have a pipeline of further acquisitions which should see group AUM increase to circa £2bn over the next 12 months. This will be an AUM growth of around £1.5bn in just 18 months – proving once again – the success of our ‘buy and build’ acquisition strategy, and the compelling proposition that we offer smaller advisory firms in the market.”

Barry Hamblett, Principal at GB Financial Services, said the acquisition is pivotal for their clients, who have worked closely with them for over three decades. Clifton has a sterling reputation, and their product range, coupled with service and technology levels, surpass what a local financial advisory business can offer. The assurance of placing our clients in Clifton’s hands is reassuring.

The acquisition of GB Financial Services marks the sixth addition of smaller advisory firms to the Clifton Group. We are actively engaging with several advisory firms in various regions, including the South West, Portsmouth, West Midlands, Aberdeen, and South Wales.

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