French wealth management group Groupe Allen establishes presence in the UK via acquisition.

Groupe Allen has moved into the UK market this week, aiming to bolster cross-border Franco-UK wealth and tax support – an area which it says impacts between 200,000 and 250,000 French nationals based in the UK.

Groupe Allen is an independent player in the private wealth and family office sector in France, advising about 2,700 families and entrepreneurs with €2 billion ($2.35 billion) of assets under management from its offices in Paris, Lyon, Toulouse, Montélimar, Brussels and Luxembourg.

The transaction marks a milestone in the French Group’s European expansion plans; it is the first time an independent French wealth management firm has established a presence in the UK via acquisition.

Founded in 2010 and led by Bérangère Salembien, Altyx Financial Planning has been supporting clients who face complex wealth and tax issues related to international mobility, specifically between France and the UK. This cross-border expertise continues to be overlooked by French independent wealth management firms.

The Altyx team consists of five employees based in London. Bérangère Salembien, who is dual-qualified as a Chartered Financial Planner in the UK and as a wealth management advisor in France, will retain operational leadership of the British entity and continue developing Altyx Financial Planning, which will become Groupe Allen’s operating brand in the UK.

“London is home to between 200,000 and 250,000 French nationals, often facing complex wealth situations, with the UK financial marketplace being one of Europe’s leading financial centres,” Sandrine Genet, founder and chairwoman of Groupe Allen, said. “Groupe Allen’s ambition for several years has been to become the French benchmark in wealth advisory services for families and entrepreneurs on a European scale. We have always intended to have a presence in the UK and now Altyx provides us with the credibility and local roots needed to establish ourselves there. This venture is also the meeting of minds with a highly-respected leader, Bérangère Salembien, and a consulting culture fully aligned with our own.”

“This new stage for Altyx Financial Planning will allow us to strengthen our presence in the UK market while continuing to serve our loyal clients with the integrity and values that define Altyx,” Bérangère Salembien, managing director of Altyx Financial Planning, added.