Moneygate growth quest continues
ONE of the UK's fastest growing financial services firms Moneygate Group continues its acquisition hunt with the take over of Buckinghamshire-based Beacon Asset Management.
The Boldon-based company recently received over £3m from US company MGT Capital Investments saying it would grow quickly through acquisitions. In the last few months it has bought Durham-based Derwent Financial Solutions and Washington-based Expert Money.
Moneygate wants to increase its financial advisor network from 75 to 750 and grow annual revenues from £6m to £35m over the next four years. After approval from the Financial Services Authority late last week Moneygate Group purchased Beacon Asset Management as a complete business from the Beacon Group of companies.
The move will see Moneygate take over Beacon's existing IFA operation which includes personal and corporate financial services. This acquisition will see Moneygate bring Beacon's advisers into the fold and add £90m to its funds under management. Beacon Asset Management brings with it 3,500 high net worth clients and a strong corporate portfolio of companies.
Lee Hartley, chief executive of Moneygate said "There are no plans to change the way Beacon Asset Management operates but we do intend to invest in the business and grow it from its present position. We will work closely with the team to ensure the transition is seamless – especially for our clients."