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Bellpenny acquires Glasgow-based MGW in GBP141m FUM deal

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Bellpenny, the national wealth manager and IFA acquirer, has completed the acquisition of MGW Ltd, a wealth manager based in Glasgow.

The deal is Bellpenny’s 13th and brings GBP141m of funds under management.
 
MGW is the second Glasgow-based IFA business purchased by Bellpenny, following its acquisition of K M Financial Advisers in August.
 
The majority of MGW’s clients are based in the Central Scotland area.
 
Bellpenny’s chief executive Kevin Ronaldson, says: “Following our recent purchase of KMFA, the MGW deal further strengthens our position in Scotland. This is the 13th deal we’ve completed since we received FSA authorisation last October. It’s a testimony to the energy and professionalism of the whole Bellpenny team that we’ve been able to sustain such strong deal-making momentum while also maintaining our operational rigour and strong service ethic on behalf of a rapidly-growing client base.”
 
Brian McKenna, former managing director and majority shareholder of MGW Ltd, says: “We have had many overtures from prospective purchasers in the past however Bellpenny nailed their colours to the mast from day one, with a stated aim to become the UK’s most trusted financial advice brand. Nothing in my dealings with them over recent months makes me doubt either their intent, or ability, to achieve that goal. I am also satisfied that Bellpenny presents the best option to look after our clients in the future which has always been a major consideration for my fellow shareholders and for me.”

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