UK wealth manager Bellpenny has boosted its assets by £75 million($126.7 million) with the acquisition of Colchester-based Hansen Lloyd Asset Management.

UK wealth manager Bellpenny has boosted its assets by £75 million ($126.7 million) with the acquisition of Colchester-based Hansen Lloyd Asset Management.

The deal is the fifth this year and brings Bellpenny’s total number of IFA transactions to date to 18, Bellpenny said in a statement.

“Bellpenny’s business model hinges on providing continuity of service and care. For Hansen Lloyd clients this will translate into to a highly personal, professional service delivered by locally-based planners. We’re naturally pleased with our continued strong growth, but it’s the quality of our client proposition and service that will define us in our journey to become UK’s most respected financial advice brand,” said Bellpenny’s chief executive.

The purchase of Hansen follows the acquisition earlier in March of Surrey-based IFA MDM Associates, which brought in £322 million of funds under management.

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.

For an exclusive interview with the chief executive of Bellpenny, Kevin Ronaldson, about how compliance is fuelling the consolidation of firms, click here.