The move into the UK market aims to strengthen cross-border Franco-UK wealth and tax support which impacts between 200,000 and 250,000 French nationals based in the UK.

Groupe Allen, a French wealth management advisory firm led by Sandrine Genet (pictured), has acquired Altyx Financial Planning, a London-based wealth advisory firm. Altyx specialises in supporting French nationals residing in the UK on cross-border wealth management, along with its subsidiary Altyx Corporate, which advises companies on retirement and employee benefits issues.

The financial details of the transaction were undisclosed.

Paris-headquartered 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 ($2.34 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 while also representing the first time an independent French wealth management firm has established a presence in the UK via an acquisition.

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

The acquisition is part of Groupe Allen’s ambition to become the French benchmark in wealth advisory services for internationally minded families and entrepreneurs. Following an initial phase of growth in the Benelux region, the London office represents a new chapter in Groupe Allen’s European trajectory with further acquisitions planned over the next 12 months.

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. 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.