Bristol-based wealth manager Clifton Asset Management has acquired West Midlands Chartered Financial Planner firm GB Financial Services.

This deal is Clifton’s fourth acquisition in nine months and sixth overall and pushes total Clifton Assets Under Administration to £1.2bn.

Clifton says further acquisitions are in the pipeline around the country which should increase total AUM to £2bn over the next 12 months.

Clifton has acquired GB Financial Services, based in Wombourne, West Midlands, for an undisclosed sum. GB has about 550 clients.

Clifton says the deal helps increase AUM to around £1.2bn – a rise of more £500m since Clifton received first round funding from independent asset manager Boost&Co in July 2022.

Clifton says GB Financial Services has built a “strong reputation” with clients in Wolverhampton and Dudley.

Anthony Carty, group Financial Planning director at Clifton, said:  “We are thrilled with this, our sixth acquisition, and very happy to confirm that Principals Barry Hamblett and Sally Mynett will join the Clifton Wealth Partnership advisory team on a consultancy basis for two years to assist with the handover of clients to two locally-based advisers. 

“Adding to our national profile is important, and it is great news that we will be retaining the GB Financial Services offices and staff located in Wombourne. 2023 has started strongly with this announcement, but what is equally as exciting is that we have a pipeline of further acquisitions which should see group AUM increase to circa £2bn over the next 12 months. This will be an AUM growth of around £1.5bn in just 18 months – proving once again - the success of our ‘buy and build’ acquisition strategy, and the compelling proposition that we offer smaller advisory firms in the market.”

Barry Hamblett, GB Financial Services principal, said: “This is hugely important for GB Financial Services and the clients we’ve worked with so closely for more than 30 years. Clifton has an excellent reputation, and their proposition is outstanding. This has given us confidence to introduce Clifton to our clients in the knowledge that they can provide the product range, along with service and technology levels that can at times be challenging for a local financial advisory business. We know therefore, that our clients are in good hands.”

With the GB Financial Services deal completed, six smaller advisory firms have now joined the Clifton Group. Clifton says it is in “active conversations” with a number of advisory firms around the country, including firms based in the South West, Portsmouth, West Midlands, Aberdeen and South Wales.