Clifton AM takes AUM to £1.2bn with West-Midlands purchase

Clifton Asset Management has purchased West-Midlands based GB Financial Services, taking its assets under management to £1.2bn.

This acquisition marks the fourth in nine months and sixth for the firm overall. 

GB Financial Services is a financial advisory firm based in Wombourne, West Midlands with 550 clients.

This latest addition takes Clifton Group’s AUM to £1.2bn, a rise of more than £500mn since it received its first round funding from independent asset manager Boost & Co in July 2022. 

Anthony Carty, group financial planning director at Clifton, 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.”

The firm said GB Financial Services has built a strong reputation providing advice and services to clients in and around the Wolverhampton and Dudley region.

Barry Hamblett, principal at GB Financial Services, said: “This is hugely important for GB Financial Services and the clients we’ve worked with so closely for more than 30 years. 

“Clifton has an excellent reputation, and their proposition is outstanding. This has given us confidence to introduce Clifton to our clients in the knowledge that they can provide the product range, along with service and technology levels that can at times be challenging for a local financial advisory business."

Clifton AM said it is in active conversations with a number of advisory firms which are strategically placed around the country including firms based in the South West, Portsmouth, West Midlands, Aberdeen and South Wales.

It has plans to get to £5bn AUM by 2027.

Carty added: “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.”

In October, the firm bought Caerphilly-based financial adviser Mark Philips Ltd, and before that in July, it bought Aberdeen-based Burnett & Reid Wealth Management, adding £180mn to its AUM. 

In September, it bought Stroud-based financial advisers, Noble James Associates, for an undisclosed amount.

sonia.rach@ft.com

What do you think about the issues raised by this story? Email us on ftadviser.newsdesk@ft.com to let us know