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Non-public-equity backed wealth supervisor MKC Wealth has acquired Genius Wealth Administration of Cheshire for an undisclosed sum.
MKC has been on the acquisition path this 12 months and in March acquired veteran London IFA Anthony, Bryant & Firm.
The agency additionally acquired the recommendation arm of the troubled Lighthouse group from Quilter final 12 months.
MKC Wealth is backed by personal fairness agency Cabot Sq. Capital which owns various companies together with Key Retirement Options.
Northwich-based Genius has £150m of belongings below administration and supplies recommendation to 300 personal purchasers.
As a part of the deal Genius MD Iain Crawford, joins MKC Wealth in an “ambassadorial position” as he strikes into retirement.
Toni Haynes, chief working officer, joins MKC as senior compliance and operations supervisor together with two Chartered advisers and 6 help workers. The workforce can be based mostly at MKC Wealth’s Stockport workplace and the enterprise will function below the MKC model.
Dominic Rose, CEO of MKC Wealth, stated: “Consistent with our technique of constructing a high quality wealth administration enterprise we’re finishing selective acquisitions, significantly the place it’s clear that we may be “the secure pair of arms” that retiring principals wish to take care of purchasers.
“There may be such a powerful cultural alignment between the Genius and MKC groups. I’m delighted that the entire workforce has joined us that means we now have been in a position to facilitate the retirement of the enterprise proprietor while giving the remainder of the workforce the chance to thrive with us for the long run.
“We’re forward of our preliminary plans and now have over £1bn of belongings below recommendation. Extra importantly all our workers, together with the Genius workforce, are rewarded straight based mostly on suggestions from our purchasers and have additionally turn into shareholders within the enterprise we’re constructing collectively.”
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