Deals Of The Day: The Latest In Wealth Management M&A - Ascot Lloyd

Editorial Staff

24 September 2019

Ascot Lloyd
, the UK independent financial advisory firm, has bought fellow UK businesses Prest Financial Planning and QS Financial.

Prest Financial Planning is a Stockport-based IFA employing six financial planners and 26 employees in total. It brings more than £3 million of revenues and more than £1 million in earnings before interest, taxation, depreciation and amortisation to Ascot Lloyd, managing approximately £350 million in assets. Following completion, Prest will become incorporated by the Ascot Lloyd brand.

QS Financial, based in Bromsgrove, will take more than £65 million of additional funds under management into the group. It adds to Ascot Lloyd’s presence in the West Midlands region, building on the recent acquisition of Newell Palmer.

Financial terms of the transaction were not disclosed.

These transactions are happening at a time of consolidation across the UK and European wealth management industry, driven by rising costs and a desire for scale.