Ascot Lloyd continues its acquisitions, buying the sizable business of Newell Palmer to extend offerings in the region. The deal is expected to add at least £12 million in revenues and push turnover past £50 billion in 2019.

Ascot Lloyd has bought wealth firm Newell Palmer as part of a slew of acquisitions by the UK firm. In the last three years, the group has acquired groups such as Pantheon, Harvard Financial Management and Bellpenny in a practice that "will continue to be part of our strategy," said Ascot Lloyd’s chief executive, Nigel Stockton.

This latest acquisition brings the firm's resources to over 100 IFAs and 400-plus employees serving the region, and is expected to add a further £1.3 billion ($1.63 billion) in funds under influence, bringing total client funds to over £7 billion, once terms are finalised, the firm said.

“Newell Palmer’s regional presence, combined with our existing offices, will make us a powerful player in the West Midlands. Having spent a significant part of my career managing businesses based here, I am delighted that we have built such a deep offering in the region,” Stockton said.

Newell Palmer brings a sizable office to Wolverhampton and two satellite offices in Nuneaton and Bromsgrove, extending its footprint. It is expected to rebrand under Ascot Lloyd in the second half of 2019, a spokesperson said.

Philip Stepp, Newell Palmer’s group managing director, added: “We have known Ascot Lloyd’s management for well over 18 months and I strongly believe that their commitment to IFA and brand strength make it a perfect home for us as a platform and a cultural fit," he said. "We will look to continue our track record of growth and client excellence.”