IFA consolidator Bellpenny has bought City Wealth Management Independent Financial Advisers.

UK wealth manager Bellpenny has acquired Winchester-based City Wealth Management Independent Financial Advisers for an undisclosed amount.

The acquisition is Bellpenny's 24th and follows other recent buys, including of Farnham-based advice firm Legal & Professional Services earlier this year and Essex-based Unizone in December. In August last year, Bellpenny acquired Torquil Clark, in a deal which saw its assets soar by £900 million ($1.32 billion).

The latest IFA purchase involves £31 million of funds under management, along with 100 active clients. CWM provides a range of financial planning services to high net worth clients.

“There will always be keen competition amongst potential acquirers for high-quality, well-managed IFA businesses such as this,” said Bellpenny's chief executive, Kevin Ronaldson.

“It’s a testimony to what we’re building at Bellpenny that more and more sellers of CWM’s pedigree view us as the ideal fit – both for them and their clients.”