Söderberg & Partners has taken a minority takes in the employee benefits and wealth management business Generation Financial Services for an undisclosed sum.
Generation says this will enable it to expand and enhance its offering. Söderberg & Partners, a Swedish wealth manager, has its own employee benefit business, and will work closely with the Generation business and its team.
All existing Generation directors, management, consultants and support staff remain in place. It said the key difference as a result of this deal will be additional functionality for Generation in the way it delivers client advice and support services.
Generation Financial Services director and joint owner Andrew Waller adds said the support of a backer like Söderberg & Partners will help take the business to the next level. “Our ambition is to set new standards and demonstrate best practice within the wealth management and employee benefits sectors.”
Söderberg & Partners group chief executive officer Gustaf Rentzhog says: “The advice profession comes with increasing operational costs and regulatory requirements. We are pleased to be able to offer support to a smaller firm in this regard, as well as with managerial and back-office activities, so Generation can reach its full potential. This is the latest step in our growth strategy, which has seen us take stakes in three other IFA firms as we seek to make our mark in the dynamic UK marketplace.”
This acquisition follows Söderberg’s earlier purchase of stakes in Timothy James & Partners, Cambridge-based Dartington Wealth Management and Atherton York, based in North London.
In November the firm also announced it was to launch a new adviser platform in partnership with Seccl, with the aim of helping advisers become more efficient through technology.
In June Söderberg & Partners announced it had secured an additional EUR 200 million from minority owner KKR to help fund the growth of its adviser proposition.
