Pacific Asset Management (PAM), the core asset management business of Sir John Beckwith’s Pacific Investments Group, and Fidelius Group, the independent Chartered Financial Planning firm, have entered into a strategic partnership. The deal represents the largest undertaken by Pacific Asset Management to-date. Fidelius Group, headquartered in Bath, advises on GBP1.5 billion of assets.
Under the terms of the agreement, PAM, which has grown it’s AUM to circa GBP1.2 billion in four years, will acquire Fidelius’ DFM arm, Parallel Investment Management (PIM), and assume responsibility for its range of risk-targeted model portfolios.
In turn PAM’s financial planning firms, Chartered Financial Management (UK) Ltd and Zen Wealth LLP, which PAM acquired in July 2018 and 2019 respectively, will both become part of the Fidelius Group, which has offices in Cheltenham and Chelmsford in addition to its Bath headquarters. Chartered Financial Management (UK) Ltd advise on GBP250 million of clients’ assets and Zen Wealth has assets under advice of GBP30 million.
Matthew Lamb, CEO of Pacific Asset Management, says: “We are delighted that the Fidelius Group has decided to partner with PAM. The combination of PAM’s investment management capabilities with the strength and breadth of Fidelius Group’s chartered financial planning expertise makes for a strong long-term partnership and great cultural fit, not only for our group, but for our advisers and all our clients.”
Lamb continued, “In simple terms, this partnership allows all of us to focus on our core strengths and gives employees and importantly our clients, the breadth of opportunities to maximise their potential for continued long term success.”
Jim Grant, CEO of Fidelius Group, says: “We are very excited to welcome Chartered Financial Management (UK) Ltd and Zen Wealth to the Fidelius family. Both are high quality, profitable businesses which have long shared our ‘client first’ ethos. The partnership with PAM will bring significant cost benefits to clients, strengthen our investment offering and add value to our advisers.
“I believe we have created a business model, in conjunction with PAM, which will be attractive to advice firms that share the same core beliefs as us, that is; providing a complete financial planning service to clients, as well as retaining and building value for the future.”
Fidelius Group was supported in the transaction by DC Advisory’s Manchester office, headed-up by Andrew Claymore.
Russell Butts and Jon Marshfield, Directors at Chartered Financial Management (UK) Ltd, says: “We have known Jim and the Fidelius Group for many years and we are hugely excited about joining the team. Fidelius has a wealth of experience but, importantly to us, they have broader and deeper resources which will enable us to focus on what we do best, looking after our clients interests. We share a strong culture and values, centred around clients and with the enhanced support the larger Group brings we are strongly positioned to maintain the high quality service we strive to provide in the years ahead.”