Wealth management firm snapped up by Solomon

A financial planning and wealth management firm that works with more than 3,500 clients has been acquired by Solomon Capital Holdings.

Founded in 1988, Gale and Phillipson has offices in London, Newcastle, Richmond and Northallerton, from where its 34 advisers oversee the assets and financial affairs of more than 3,500 clients.

The business also has its own discretionary fund management arm with about £500m under management and an additional £900m under advice.

Following the deal, which comes on the back of the successful purchase of Beaufort Financial and YOU Asset Management earlier this year, Solomon will take full ownership of Gale and Phillipson with chief executive David Carr joining the executive team at Solomon following completion.

Solomon, which is backed by private equity firm JC Flowers & Co, said the acquisition puts in place the final foundation block of its plan to build an integrated national advice and wealth management business.

With Beaufort Financial, YOU Asset Management and now Gale and Phillipson at its core, Solomon’s model is to acquire other successful regional firms to create an integrated network of hubs serving in excess of 50,000 clients across the UK.

Andy Moore, who joined Gale and Phillipson as managing director in June this year, said: “The Solomon proposition is one of the most compelling I have seen in all my time in the industry.

“The vision, strength and experience of the management team combined with the resources and financial firepower of JC Flowers means Solomon must be a serious consideration for any quality firm looking to take their business to the next level and I am thrilled to be a part of it.”

Simon Goldthorpe, vice chairman of Solomon, added: “The acquisition of Gale and Phillipson means we now have the best possible foundations in place to really step up our acquisition and onboarding process.

“With a strong pipeline of high-quality deals already in place we will be adding considerable scale to the business over the coming months as we deliver on our aim to create a leading national advice and wealth management business serving in excess of 50,000 clients.”

Financial terms of the transaction are not being disclosed. No advisers on the deal were named.