Personal equity-backed wealth supervisor Hurst Level has acquired well-known Metropolis-based Monetary Planning and wealth administration agency Helm Godfrey.
The acquisition will add round £1bn in belongings underneath recommendation and £0.5bn in belongings underneath administration to Hurst Level in addition to 2,500 shoppers.
It is going to take Hurst Level’s total belongings underneath recommendation to £5bn, and belongings underneath administration to an identical quantity.
With roughly £2bn of widespread belongings, this can carry the group’s internet belongings to roughly £8bn
The deal, for an undisclosed sum, is topic to regulatory approval.
Helm Godfrey is a London-based Monetary Planning and wealth administration agency with 65 staff.
The acquistion will carry Hurst Level its first London workplace.
Below the phrases of the deal, Helm Godfrey’s funding administration crew will be part of Hurst Level’s funding administration division, while the Monetary Planning crew will be part of its Monetary Planning division.
Helm Godfrey might be rebranded to Argentis Group, as Hurst Level seems to carry completely different components of its Monetary Planning division underneath one model.
Hurst Level mentioned there have been a number of extra offers within the pipeline for this yr.
John White, managing director of Hurst Level’s Monetary Planning division, mentioned: “With a repute for excellence constructed over greater than 20 years, we’re delighted that the Helm Godfrey enterprise has agreed to affix our Group and turn into our Metropolis of London hub. We have now labored intently with Graham Cross, Danby Bloch, and their crew over the past yr in creating this partnership and are very excited in regards to the alternatives that can come up from working collectively sooner or later.
“We’re working to construct a top quality, sustainable Monetary Planning enterprise with a powerful group ethos, and have a number of offers within the pipeline for 2023.
“We imagine that we’ve got discovered a powerful cultural slot in partnering with the Helm Godfrey crew; that was a key consideration for us. We had been interested in Helm Godfrey largely by its sturdy presence in a key centre of wealth, the sturdy repute of its advisory enterprise, and its built-in funding administration operations.”
Jersey-based Hurst Level Group was launched in 2019 to handle investments by non-public fairness agency The Carlyle Group within the UK wealth sector.
Hurst Level has made a number of acquisitions over the previous few years together with Hawksmoor Funding Administration, Gore Browne Funding Administration, Argentis Monetary Planning, Metis Wealth, and Metis Asset Administration.
The acquisitions had been financed by way of a mixture of the fairness funding made by Hurst Level and by drawing on a debt facility with Ardian and Investec.
Hurst Level has 13 workplaces throughout the UK and when the newest deal completes, could have over 120 monetary advisers throughout the group.