Bellpenny acquires MGW

UK-based wealth manager Bellpenny has completed the acquisition of MGW Ltd, a wealth manager based in Glasgow. MGW is the second Glasgow-based IFA business purchased by Bellpenny, following its acquisition of K M Financial Advisers in August. The majority of MGW’s clients are based in the Central Scotland area.

PRESS RELEASE

Bellpenny, the national wealth manager and IFA acquirer, announced today that it has completed the acquisition of MGW Ltd, a wealth manager based in Glasgow.

The deal is Bellpenny’s 13th and brings £141m of funds under management. MGW is the second Glasgow-based IFA business purchased by Bellpenny, following its acquisition of K M Financial Advisers in August. The majority of MGW’s clients are based in the Central Scotland area.

Bellpenny’s CEO Kevin Ronaldson commented:
“Following our recent purchase of KMFA, the MGW deal further strengthens our position in Scotland. This is the 13th deal we’ve completed since we received FSA authorization last October. It’s a testimony to the energy and professionalism of the whole Bellpenny team that we’ve been able to sustain such strong deal-making momentum while also maintaining our operational rigour and strong service ethic on behalf of a rapidly-growing client base.”

Brian McKenna, former Managing Director and Majority shareholder of MGW Ltd said:
“We have had many overtures from prospective purchasers in the past however Bellpenny nailed their colours to the mast from day one, with a stated aim to become the UK’s most trusted financial advice brand. Nothing in my dealings with them over recent months makes me doubt either their intent, or ability, to achieve that goal. I am also satisfied that Bellpenny presents the best option to look after our clients in the future which has always been a major consideration for my fellow shareholders and for me.”

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Notes for Editors:

About Bellpenny
Bellpenny is a national wealth management company supported by Oaktree, the leading global investment management firm. Bellpenny reached £1 billion in funds under management in October 2013, just a year after FSA authorization.

A full face to face advice and service proposition is provided to all acquired and referred clients, delivered from a centralised asset management solution based on both a state of the art platform and back office technology.

Bellpenny’s vision is to be the UK’s most respected financial advice brand.

Website: www.bellpenny.com
Twitter: @BellpennyPeople
LinkedIn: http://www.linkedin.com/company/bellpenny

‘Bellpenny’ is a trading style of Capital Professional Limited, which is authorised and regulated by the Financial Services Authority. FSA Number 578614
Registered in England and Wales No: 07584487.
Registered Office: 17 Duke Street, Chelmsford, Essex CM1 1HP.

About Oaktree
Oaktree is a leading global investment management firm focused on alternative markets, with over $76 billion in assets under management as at 30 June 2013. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in distressed debt, corporate debt (including high yield debt and senior loans), control investing, convertible securities, real estate and listed equities. Headquartered in Los Angeles, the firm has over 700 employees and offices in 13 cities worldwide.