Financial Planning firm Newell Palmer has completed the acquisition of Coventry-based IFA, HIA International (Financial Services).
The acquisition is the third completed by Wolverhampton-based Newell Palmer in 2018, and is the 49th acquisition since the company’s inception in 1993.
HIA International Financial Services is the advisory arm of the HIA International group, which was founded in 1996.
The general insurance side of HIA International will continue operating as its own independent business and is not part of the deal with Newell Palmer.
Two-thirds of HIA International Financial Services’ client base is located in and around Coventry, Leicestershire and the West Midlands, with the remaining clients scattered across the UK.
The geographical spread of the client base was described as “ideal” for Newell Palmer’s Nuneaton branch, which services clients all across Warwickshire.
This latest acquisition added £80 million in client assets to Newell Palmer’s funds under management, as well as growing their employee benefits client portfolio, with the addition of 60 group schemes of differing sizes; the largest being an unnamed luxury UK retail brand which the firm says has “over 1,000 employees.”
The completion of the HIA International Financial Services deal has taken Newell Palmer’s funds under management to in excess of £2.1 billion, which is set to be boosted by further planned acquisitions.
Newell Palmer finance director, Kevin Homfray, said: “HIA is an excellent acquisition that will aid the expansion of our Nuneaton branch and should enable us to grow our employee benefits portfolio.”
Nick Newbold, managing director of HIA International, said: “Increased legislation as well as regulatory changes affecting the financial services sector, in recent years, has made it increasingly difficult for a relatively small firm such as ours to continue to offer the levels of service we feel our clients deserve.
“When we spoke to Kevin, around two years ago, and started our discussions with Newell Palmer we very quickly came to the conclusion that joining forces with NP was the right move for us and our clients and we are very much looking forward to working with them.”