UK wealth manager Bellpenny has completed the acquisition of Essex-based Personal & Corporate Financial Solutions, bringing the number of completed Bellpenny deals to date to 16.

UK wealth manager Bellpenny has completed the acquisition of Essex-based Personal & Corporate Financial Solutions, bringing the number of completed Bellpenny deals to date to 16.

The acquisition encompasses £21 million ($34.8 million) of funds under management with most clients living in the Essex area, Bellpenny said in a statement.

It is the third deal this year, following the acquisition of West London-based IFA Actuarial & Investment Services and Birmingham-headquartered The Hammond Consultancy.

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.

Bellpenny is supported by investment management firm Oaktree and reached £1 billion in funds under management in October 2013.

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