Brokerage purchased for £8M

Brokerage purchased for £8M



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An asset management company has received approval from the Financial Services Authority to purchase a discount broker in a deal understood to be worth over £8 million.

New Model Advisor has reported that Close Asset Management is in the process of acquiring Allenbridge which has around £500 million of assets. The deal will see Close acquire 15,000 new clients.

The deal is expected to be announced on 26th January. Both companies declined to comment when contacted.

Allenbridge’s managing director, Anthony Yadgaroff, is expected to buy back the group’s institutional business – AllenbridgeEpic - which manages the British Airways pension scheme amongst other assets.

This latest acquisition by Close Asset Management follows their purchase of Chartwell Asset Management last year in a deal reported to be worth over £17 million. It continues their drive to take over £6 billion of assets, an acquisition campaign that began in September 2008 when Stuart Dyer joined the group as head of distribution.

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