As part of its expansion programme in the UK market, Private Equity firm Duke Street has picked a majority stake in IFA UK Wealth Management (UKWM) for a little over £10 million.
Lynn Coleman – who was with Co-op’s IFA division previously, was promoted to the position of chief executive from managing director of UKWM. UKWM was previously known as Yorkshire Investment Group and was rebranded in January.
Miles Cresswell-Turner, partner and Kate Mullord – Investment Director, both from Duke Street, were involved in the deal negotiations. Mr. Turner said the transaction was completed at the lower end of an eight-figure sum, without giving out specific details.
UKWM currently manages assets worth £1.5 billion and aims to scale up to £5 billion of assets in the next five years under the new management, said Turner.
UKWM presently has a pension administration and an asset management company under its fold and employs 38 advisors across five advisory units within the group.
“We want to be one of the leading players in the IFA sector. We are aiming to have £5bn under management in the next five years. I would expect to make more acquisitions like this before the end of the year”, said Cresswell-Turner.
Mike Bussey – who worked as chief executive of both Rothschild Bank and Schroders Private Bank previously, has been appointed as Chairman of UKWM.
“Duke Street’s unique understanding of our market, combined with its impressive buy-and-build record, makes the firm a perfect partner for UKWM as it plans for its next phase of growth”, said Ms Coleman.