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Thursday, February 1, 2024

Ex-Quilter duo to amass Beaufort Group

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New recommendation and wealth administration agency Solomon Capital Holdings is to amass monetary adviser Beaufort Group for an undisclosed sum.

Solomon was based by former Quilter Monetary Planning CEO Andy Thompson and CFO Darren Sharkey final 12 months.

The Beaufort Group was set to be acquired by adviser community Socium Group final 12 months however the community selected to withdraw its provide because of ‘not with the ability to match the enterprise into its mannequin’.

Beaufort mentioned on the time that it might search for ‘one other funding companion’

Beneath the phrases of the acquisition, Solomon will take full possession of Monetary Planning agency Beaufort Monetary and YOU Asset Administration.

YOU is a discretionary fund supervisor with £1.4bn in funds underneath administration on behalf of personal buyers, trusts, charities, and company our bodies. It gives lively, earnings, enhanced passive and moral mannequin portfolios in addition to its personal multi-asset blended funds.

The acquisition stays topic to FCA approval.

Beaufort Monetary and YOU will retain their very own model identities and management over day-to-day operations.

Following the completion of the deal, Beaufort Group CEO Derrick Dunne and co-chair Simon Goldthorpe will be a part of the Solomon govt group. Mr Goldthorpe will change into vice chairman of Solomon.

Mr Thompson mentioned: “Through the years, Simon, Derrick, Andrew Bennett and the group have constructed tremendously profitable companies in Beaufort Monetary and YOU, incomes nice reputations within the course of. The complimentary companies present a big and robust set of foundations on which we are able to construct, with a shared imaginative and prescient for the longer term. The proficient professionals they make use of and the proposition they’ve developed is second to none.”

Mr Goldthorpe mentioned: “The cope with Solomon is a optimistic, pure and deliberate subsequent step for the enterprise and one about which we’re extraordinarily excited. We partnered with Solomon as a result of the standard and imaginative and prescient of its management group, mixed with the energy and observe report of its monetary backer, will present us with the platform to set new requirements in how monetary recommendation is delivered within the UK.”

Former Quilter duo Mr Thompson and Mr Sharkey launched Solomon final 12 months with the view to making a technology-led, nationwide recommendation agency to carry holistic and hybrid recommendation to mass prosperous clients throughout the UK.

Mr Thompson joined Quilter as a part of its acquisition of Intrinsic, having offered his Blueprint companies to them. He grew to become CEO and joined the Quilter govt committee in 2016. He left the agency in June 2020.

Mr Thompson and Mr Sharkey plan to construct a nationwide recommendation agency serving in extra of fifty,000 shoppers.

Solomon is backed by non-public fairness agency J.C.Flowers & Co.

Beaufort Monetary is a nationwide partnership if Monetary Planning companies providing recommendation to personal corporations and particular person shoppers. The Beaufort Group was established in 2012.


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