French wealth management firm Groupe Allen has entered the UK-market with the acquisition of London-based Altyx Financial Planning for an undisclosed sum.
Altyx Financial Planning was founded in 2010 to serve private and corporate clients in the UK and France.
Specialisms include pension and retirement planning for expats, international protection, issues related to international mobility, and wealth planning.
It was founded by Chartered Financial Planner Berangere Salembien, who is also qualified as a French Gestionnaire de Patrimoine, a professional wealth manager.
The Altyx team of five employees based in London will remain with the firm, as well a retaining local operational entity for Altyx Financial Planning which will become Groupe Allen’s operating brand in the UK.
Groupe Allen claims the deal is the first time an independent French wealth management firm has established a UK presence via acquisition.
Groupe Allen is a private wealth and family office specialist adviser specialising in advising families and entrepreneurs. It advises around 2,700 clients and has 2bn EUR (£1.7bn) of assets under advice.
The French firm, led by founder and chair Sandrine Genet, has offices in Paris, Lyon, Toulouse, Montelimar, Brussels and Luxembourg.
Ms Genet said the firm has been looking for a UK presence.
She said: "London is home to between 200,000 and 250,000 French nationals, often facing complex wealth situations, with the UK financial marketplace being one of Europe's leading financial centres.
"Groupe Allen's ambition for several years has been to become the French benchmark in wealth advisory services for families and entrepreneurs on a European scale. We have always intended to have a presence in the UK and now Altyx provides us with the credibility and local roots needed to establish ourselves there.”