European private equity house buys one of UK's largest IFA firms

Jenna Brown
clock • 2 min read
European private equity house buys one of UK's largest IFA firms

UK advice business Ascot Lloyd has been acquired by private equity investor Nordic Capital for an undisclosed sum.

The transaction, subject to regulatory approval, will see the European private equity firm Nordic Capital acquire Ascot Lloyd from funds managed by Oaktree Capital Management. Ares Management Corporation also has an interest in the national adviser.

Oaktree has invested in the business since 2013 and acquired Ascot Lloyd in 2017. The advisory firm has since seen considerable growth, Nordic said.

Ascot Lloyd has close to £10bn in funds under influence and provides financial planning, wealth management and corporate benefit solutions to more than 20,000 core clients. It has more than 500 staff across its 17 UK locations. 

Nordic said it would partner with Ascot Lloyd to develop its digital proposition, accelerating organic and inorganic growth and further increasing its focus on sustainable savings.

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Ascot Lloyd has bought a succession of smaller advice firms in recent years. These included Kemble Warwick, Corporate Benefits Consulting, Gregory Adam Financial Management, Fitzroy Wealth Management and IFA Ring Associates in 2020.

Nigel Stockton, CEO of Ascot Lloyd, said: "Our acquisition by Nordic Capital is testament to the strength of Ascot Lloyd today and the significant opportunities we have ahead of us. Fundamentally, this is underpinned by the quality of our people and their commitment to offering the best possible service and advice to our clients."

Christian Frick, partner and head of financial services, at Nordic Capital Advisors, said: "Nigel and his team have built an outstanding business with a multi-year track record of delivering high-quality growth and Ascot Lloyd's strong brand, client-centric culture and proven ability to deliver organic and inorganic growth makes it enviably positioned."

Oaktree Capital Management managing director Federico Alvarez-Demalde added: "Ascot Lloyd has grown to become one of the UK's leading independently-owned IFA firms. Since appointed to lead the investment by the end of 2016, the company has tripled AUM and more than quadrupled revenues, with over 80 acquisitions executed to date.

"In Nordic Capital we are pleased to have found the right partner and investor for the next stage of Ascot Lloyd's growth. We wish Nigel and the whole team the very best as they continue to develop this fantastic company."