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PE-backed Firm Led By Ex-Quilter FP Boss To Acquire Beaufort Group

Posted on June 20, 2022 by global forex

The deal, subject to regulatory approval, is the first stage of as strategy to build a national advice business, serving in excess of 50,000 clients, it said. 

The initial acquisition includes full ownership of the financial planning firm, Beaufort Financial, and its discretionary fund management (DFM) firm, YOU Asset Management (YOU), both of which will retain their own brand identities and control over day-to-day operations, Solomon said.

Following completion of the deal, Beaufort Group CEO Derrick Dunne and co-chair Simon Goldthorpe will join the executive team at Solomon. Goldthorpe will become vice chairman.

Beaufort Financial joined Beaufort Group in July 2018, and its DFM arm rebranded from Beaufort Investment to YOU last year. YOU has over £1.4bn in funds under management and offers a series of active, income, enhanced passive and ethical model portfolios as well as its own multi-asset blend funds.

Solomon Capital Holdings was founded by former Quilter Financial Planning CEO Andy Thompson and CFO Darren Sharkey last year, aiming to create a technology-enabled national advice business providing holistic and hybrid advice. The business is backed by private equity firm JC Flowers & Co.

Thompson said: “Over the years, Simon, Derrick, Andrew Bennett and the team have built tremendously successful businesses in Beaufort Financial and YOU, earning great reputations in the process.

“The complimentary businesses provide a significant and strong set of foundations on which we can build, with a shared vision for the future. The talented professionals they employ and the proposition they have developed is second to none.”

Goldthorpe said: “The deal with Solomon is a positive, natural and planned next step for the business and one about which we are extremely excited. We partnered with Solomon because the quality and vision of its leadership team, combined with the strength and track record of its financial backer, will provide us with the platform to set new standards in how financial advice is delivered in the UK.”

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