A growing Bristol financial services firm has completed another acquisition as it continues to accelerate a “buy and build” strategy.
Clifton Asset Management has bought financial advisers Noble James Associates – based in Stroud, Gloucestershire – for an undisclosed sum.
The deal for Noble James, which has a team of three advisers and assets under management of £130m, takes Clifton’s total assets under management to £970m.
In July, Clifton announced that it had received “significant” first round funding from independent asset manager, BOOST&CO, which had helped it to take over Scottish financial advisory firm Burnett & Reid.
Clifton said its growth strategy would allow smaller advisory firms like Noble James – which was formed in 1999 – to “quickly compete” with larger rivals by gaining access to services and products under the group’s umbrella.
Group financial planning director at Clifton Anthony Carty said: “We are particularly thrilled to be working with the highly experienced team at Noble James. Their client focus and commitment to great outcomes mirrors our philosophy at Clifton.
“This latest acquisition also highlights that our planned acquisition strategy is on course and delivering value to clients as planned.”
James Brown, personal finance director of Noble James Associates said: “During the process of deciding to sell the business we had talked to several other acquirers but in Clifton Asset Management we found a firm with the same ethics and ethos – where just doing the right job is so important.
“It’s very hard to find the right people when it comes to making the final decision to sell, but we’re very well matched with Clifton and in a strong position for future growth through continuing to provide an excellent service to our clients.”
Alistair Bidmead, personal finance director at Noble James, added: “We were particularly attracted by the resources that Clifton has to offer. The infrastructure and the staff will allow our adviser team to do what they do best rather than also trying to juggle multiple back-office tasks as they do at present. This can only be a win-win for our clients and our adviser team.”
