Skipton said today that Bellpenny has purchased the company with the full support of Torquil Clark’s management team.
The UK’s fourth largest building society launched Torquil Clark six years ago, with the midlands-based business growing its AUM to £900m.
Bellpenny – which has already completed 20 smaller takeovers – said the latest acquisition would swell its funds under management to £2.5bn.
The deal incorporates Torquil Clark’s wealth management and employee benefits businesses, as well as its execution-only business TQ Invest, which accounts for more than £500m of the group’s funds under management.
The new combined client base and capability means exciting future
opportunities for the enlarged Bellpenny.
Employees of Torquil Clark, which include 16 financial planners and more than 50 support staff, will join Bellpenny, the group said in a statement.
Meanwhile John Chapman, Torquil Clark’s managing director, will join Bellpenny to head up the rebranded direct business. He will also join Bellpenny’s executive team.
Bellpenny chief executive officer, Kevin Ronaldson, said: “Torquil Clark has become a true heavyweight of the UK financial planning scene over the last 25 years. It is a reflection of how far Bellpenny has come that we are already in a position to be making acquisitions on this scale.”