Independent financial adviser (IFA) and wealth management firm Shackleton has completed the acquisition of PK Group.

Consisting of PK Financial Planning and its discretionary fund management arm, PK Wealth, the group manages approximately £200m in assets, taking Shackleton’s total assets under management to more than £6bn.

This acquisition strengthens Shackleton’s regional presence in the South East, while adding a fast-growing employee benefits division that they plan to scale nationwide.

Headquartered in London, Shackleton is a nationwide financial advisory business with 21 offices in major cities and towns across the UK. The company, which is backed by Sovereign Capital Partners, was formerly known as Skerritts and has now completed a total of 20 acquisitions since Sovereign invested in 2021.

The latest acquisition follows the addition of Harrold Financial Planning earlier this year, and four firms last year which included Scotland-based Save & Invest Group, Fleming Financial in the South West, and two Midlands-based firms, Robson Lister and Shorts Wealth Management.

“This acquisition not only strengthens our presence in the South East but also enhances our ability to deliver market-leading financial planning and wealth management services,” commented Shackleton CEO, Paul Feeney.

PK Group CEO, Patrick Kennedy, CEO, PK Group, said: “We carefully considered firms that would complement our 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. This partnership will allow us to invest in and grow our business while ensuring our valued clients remain well-supported in the years ahead.”

Partner at Sovereign Capital Partners, Alex Hay, added: “The acquisition of PK Group not only solidifies Shackleton’s geographical footprint but also brings a compelling employee benefits division with significant nationwide growth potential.”

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