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AnaCap to buy Wealthtime
Posted on Thursday, 13 February 2020 12:41
AnaCap Financial Partners is acquiring UK-based wealthtech adviser Wealthtime for an undisclosed sum. Upon closing, the target will add three new members to its senior team, namely Richard Denning, Patrick Mill and Dominic Easton. However, the deal and subsequent leadership changes remain subject to regulatory approvals. Established in 2006, Wealthtime consolidates investment portfolios and financial assets for clients seeking advice from independent financial advisers (IFAs). Its proprietary platform delivers administrative services, analytics and reports to IFAS through one secure online system. Wealthtime’s products include individual savings accounts, bonds and privately-held pensions and portfolios. Currently, the group has more than EUR 2.00 billion in assets under management. The deal is in line with Wealthtime’s plans for growth through strategic partnerships and bolt-on acquisitions driven by its proprietary technology. Patrick Mill, chief executive of the target, said: “Now, with the right investment, there is a clear opportunity to scale-up the business transforming the customer experience, enhancing the platform and reaching more of the adviser market.” AnaCap’s managing director, Nassim Cherchali, added the transaction would allow the private equity firm to invest in Wealthtime’s sales and distribution platform, while implementing its buy and build strategy for 2020 onwards. The acquisition represents the purchaser’s first foray into the UK wealth management sector. Headquartered in London, AnaCap is billed as Europe’s largest specialist investor in the financial services industry. Its portfolio includes the likes of Simply Business, Ellisphere and Apex Credit Management. According to Zephyr, the M&A database published by Bureau van Dijk, there were 420 deals targeting investment advice providers announced globally in 2019. In the largest of these, PetroChina, China National Petroleum and China National Petroleum Corporation Capita agreed to invest CNY 14.00 billion (USD 2.01 billion) in China Petroleum Finance. Other companies targeted in this sector include Charter Investments, AMP and Hesteel Group Finance. © Zephus Ltd