UK wealth manager Bellpenny has completed its biggest acquisition to date with the purchase of Wolverhampton and Carnforth based, Torquil Clark Holdings from Skipton Building Society, increasing its assets by £900 million ($1.517 billion).

UK wealth manager Bellpenny has completed its biggest acquisition to date with the purchase of Wolverhampton and Carnforth-based Torquil Clark Holdings from Skipton Building Society, increasing its assets by £900 million ($1.517 billion).

The deal brings the total number of acquisitions completed by Bellpenny to date to 21, taking its funds under management to £2.5 billion, the firm said in a statement.

The deal incorporates Torquil Clark’s wealth management and employee benefits businesses. It also includes Torquil Clark’s execution-only business, TQ Invest, which accounts for more than £500 million of the funds under management.

The purchase of Torquil Clark Holdings follows the acquisitions earlier this year of Colchester-based Hansen Lloyd Asset Management and Surrey-based IFA MDM Associates.

“This acquisition will be especially important for us because it incorporates a substantial, execution-only business in the form of TQ Invest. Having a direct operation alongside comprehensive wealth management and employee benefits offerings will vastly extend Bellpenny’s market reach and appeal, by enabling us to deal with clients in whatever way best suits their personal needs,” said Kevin Ronaldson, Chief Executive, Bellpenny.

Since the introduction of the Retail Distribution Review programme of regulation changes last year, many small firms have struggled with the transition, resulting in an increasing number of businesses looking to sell or consolidate with bigger players. A number of firms, such as Syndicate Asset Management, Focus Financial and Sanlam, to name just a few, have bought up IFA businesses.