A WEALTH management and independent financial advisory business has acquired Glasgow-based MGW for an undisclosed sum.
The swoop by Bellpenny marks the company’s 13th deal and takes its funds under management to more than £1 billion, just a year after the firm received regulatory approval. MGW had some £141m of funds under its control with the majority of its clients based in the Central Belt.
Bellpenny, which is registered in Essex, is chaired by financial services veteran Grenville Turner, now chief executive of Countrywide who spent three decades in banking including a period as head of Intelligent Finance.
The firm’s chief executive, Kevin Ronaldson, who founded Intrinsic Financial Services before leaving last year to set up Bellpenny, said: “The MGW deal further strengthens our position in Scotland. This is the 13th deal we’ve completed since we received FSA authorisation last October.”
Brian McKenna, former managing director and majority shareholder of MGW, 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.”
Bellpenny is backed by investment management firm Oaktree.