Inflexion said Tuesday that it has made an undisclosed investment in Succession Holdings Limited. No financial terms were disclosed. Based in the UK, Succession is a wealth management firm.
Inflexion today announces that it has completed its investment in Succession Holdings Limited (“Succession”), one of the UK’s largest privately owned wealth management businesses.
Founded in 2009 by the current CEO, Simon Chamberlain, Succession delivers bespoke financial advice to private and corporate clients alongside operating a client asset custody platform. Simon and his highly experienced management team have created a post-RDR (Retail Distribution Review) integrated wealth management business of scale, employing over 110 people across the UK.
Succession operates in the UK’s retail financial services sector which was valued at £2.1bn in 2012 and has been growing at c.6% CAGR since 2009. The independent wealth management market is growing as the economy recovers from recession and advisory firms (or IFAs) move assets to platforms which aid regulatory compliance, reduce custodian costs and provide a holistic view of client assets supporting the provision of advice.
Inflexion’s investment will enable the Succession management team to deliver their vision of creating the UK’s largest independent wealth management business through a focused ‘buy & build’ programme. Inflexion is backing the incumbent team and will work with them to support their consolidation strategy.
Simon Turner, Managing Partner at Inflexion, commented “We’ve been tracking Succession for three years having been introduced to the company by its Chairman. We’re excited to be investing in the UK’s resurgent financial services market, backing this ambitious team who have created a strong business and robust operating platform. We look forward to working with them to help deliver their vision and fulfil their acquisition strategy.”
Simon Chamberlain, Group Chief Executive Officer of Succession, said: “Having a majority shareholder with the credentials of Inflexion demonstrates the power of the Succession model. We came into the market-place less than five years ago and today we have 62 member firms which advise on over £8bn of assets. The Group owns an open architecture platform, which administers over £1.7bn of assets; volumes are growing at 5% per month. Our business is on target to achieve its goal of acquiring the best 50 of our member firms between now and 2017.”