Perspective consolidates 14th IFA

Perspective Financial Group, the consolidation vehicle for IFA firms, has announced its second acquisition of 2010.

The Wilmslow-based consolidator bought Chessman & Partners, an IFA operation based in Chesham, Buckinghamshire bringing the number of individual practices within the Group to 14. Group funds under management have now reached the GBP 1 billion level.

Chessman & Partners was established in 1980 and has over 6,000 clients. The business is a partnership, but is set to continue as a limited company under directors Mike Baughan, Keith Jamson and Mike McDonnell.

The business is split into two teams covering Life & Pensions and Capital Investment.

The firm has a turnover of approximately GBP 800k per annum, with funds under management of GBP 150m and GBP 250k of recurring income.

With this latest acquisition, Perspective’s annualised turnover has been boosted to GBP 12.5 million, funds under advisory and management are increased to over GBP 1,000 million, with a recurring income of GBP 6.2 million.

Damian Keeling, managing director of Perspective Financial Group, said: “Firms who join Perspective are not just looking for the up-front payout and security but are also buying in to the overall proposition which can help them develop their range of services and increase their profitability.”

Keith Jamson, director at Chessman & Partners, said:

“We are pleased to be joining the Perspective Group which we feel will offer a secure future for our clients and staff.

We look forward to continuing our long tradition of offering high-quality independent financial advice, backed by the resources of the larger group, but carrying on very much as an autonomous practice with the same high levels of personal service.”