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Jul 17

Advised funds managed by Oaktree on the merger of its portfolio company Bellpenny with Ascot Lloyd

Quayle Munro is pleased to announce that it has advised funds managed by Oaktree Capital Management (“Oaktree”) and its portfolio company Bellpenny on the merger of Bellpenny and Ascot Lloyd, creating a leading UK private wealth management and financial advisory business.

The combined group will have c.100 financial advisers, operate nationwide and advise clients on over £6bn of assets. Advice is supported by a centralised investment proposition including in-house discretionary fund management solutions, and serves over 40,000 fee-paying clients. It becomes one of the largest independently-owned wealth management businesses in the UK.

In parallel with the transaction, Quayle Munro also advised Oaktree and Bellpenny on raising new debt finance facilities from Ares Management, L.P. (“Ares”) in order to support the combined group and to provide firepower for further growth in a consolidating market.

Nigel Stockton, CEO, Ascot Lloyd Bellpenny, said: “We are delighted to have completed the merger of Bellpenny and Ascot Lloyd which represents an exciting step in our plans for continued growth. We thank Quayle Munro for their assistance in the merger and in raising debt finance for the combined group and were impressed by their execution capability, both in M&A and raising debt.”

Grenville Turner, Chairman, Ascot Lloyd Bellpenny, said“This merger represents a significant step forward in our strategy to consolidate the wealth management and independent financial planning industry in the UK. The combined group is a strong platform for future growth and is well financed to pursue additional acquisitions. We are pleased to work with Quayle Munro as part of this on-going strategy and thank them for their input into this transaction.”

Christian Kent, Managing Director of Quayle Munro, said: “We are delighted to advise Oaktree and Bellpenny and particularly pleased to have helped to complete this merger with Ascot Lloyd and raise financing from Ares. Wealth management is a key focus area for our advisory practice and this adds to our strong track record in the sector including having advised Succession, BestInvest and Smith & Williamson.”

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