Shackleton, the advice market consolidator led by former Quilter boss Paul Feeney, has agreed to buy Arundel Wealth Management, a Surrey-based advice firm with a speciality in advising professional athletes.
The deal is the latest in a string of acquisitions announced by Shackleton, which recently acquired Hurst Point, the parent company of Argentis Financial Planning and Hawksmoor.
That agreement was the largest announced to date by Shackleton and when formalised will bring its assets under management to £17.5bn.
Today’s (April 30) deal for Arundel adds a further £200mn of assets.
Paul Feeney, CEO of Shackleton said: “We recognise and understand the specific needs of many of Arundel’s clients, particularly in the professional sport sector, and we look forward to helping our new colleagues to support their clients.”
Shackleton said the acquisition gives it a chance to grow its presence in the south east of England, and among professional sports people.
Jon Alexander, founder of Arundel Wealth Management, said: “Having built our business over some two decades, we carefully considered firms that would complement our unique approach and enable us to continue providing exceptional service to our clients, while also benefiting from the additional resources of a larger group.
“Shackleton shares our high standards and commitment to excellence. Becoming part of Shackleton will allow us to invest in and grow our business, while ensuring our clients are able to benefit from its valuable resources, and its excellent in-house investment team.”
Shackleton is majority owned by Lee Equity Partners, an institutional investor.
As part of the acquisition of Hurst Point, US private equity firm Carlyle Group became a minority shareholder in Shackleton.
The company was advised on the latest transaction by Grant Thornton, law firm Brodies and Ocorian Consulting, but the terms of the deal were not disclosed.
david.thorpe@ft.com
