Three UK financial advice firms receive Swedish backing

Independent financial adviser (IFA) firm, Timothy James & Partners (TJP), has been acquired by a Sweden-based financial services group.

The deal, for an undisclosed amount, will see Söderberg & Partners Group acquire a majority stake in the IFA from current owner, Waverton Investment Management Group.

Söderberg & Partners has also taken a minority stake in two more advice firms, Dartington Wealth Management based in Cambridge, and Atherton York in London.

The investments mark an “important step” for the Swedish wealth manager and insurance intermediator, the group said, having outlined its intention to invest in UK-based IFAs earlier this year.

Commenting on the TJP acquisition, Söderberg & Partners CEO and co-founder, Gustaf Rentzhog, said: “We’re not in the business of buying and consolidating. We believe in backing entrepreneurs with a clear vision and helping them realise their goals. That is exactly what we see in Tim Whiting and the entire team at TJP.

“Entrepreneurs with a clear vision of what kind of values they want to create for their clients, and a hunger to constantly improve and go beyond what is expected from them. They put their clients first, which makes them a perfect match with Söderberg & Partners values. TJPs’ focus on media and sport is also a valuable complement to our current wealth management offerings tailored for niche clients, and we are proud to be partnering with them.”

Founder and managing director for TJP, Tim Whiting, added: “We have spent the last six months getting to know Söderberg & Partners and we have found Gustaf and his team to be personable, dynamic and all in all a great cultural fit for our business with strong client-first mentality and a focus on superb customer service. With its support we can build TJP to be a flagship for independent advice in the UK and together we will create a platform which offers functional up to date technology.”

The Söderberg & Partners acquisition of TJP remains subject to approval from the Financial Conduct Authority.

Rentzhog also welcomed the response the Swedish group has received from other IFAs in the UK and added: “Our investment in Dartington Wealth Management and Atherton York is important for our expansion in UK and we will work closely with the companies and back them in broadening their offering, but also support their growth.

“By the end of next year, we expect to have partnered with various firms who will, in total, be managing close to £10bn of client assets.”

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