Wealth manager Ludlow completes third acquisition this year
Mobeus has worked alongside Ludlow to complete the acquisition of Ivan A Hargreaves & Co Ltd, which is the wealth manager’s third bolt-on in 2019.
Since Mobeus backed the team in June 2017, the Southport-based wealth manager led by CEO Ian Hemingway, has delivered strong organic growth to £1.4bn of Assets Under Management, an increase of 60%. This latest deal further bolsters Ludlow’s rapid progress towards its strategic goal of £2bn of AUM and builds on its strong existing presence in the North West of England.
In June this year, Ludlow announced the acquisitions of the financial planning division of A Letton Percival & Co Limited, based in Liverpool, and another North West-based financial planning business, which have both integrated well.
Justin Maltz, the Mobeus Partner who sits on the Board at Ludlow, said,
“There is a strong market opportunity for consolidation in the wealth management sector and Ludlow, with its strong reputation for client focus, and track record of 15 successful bolt-ons, is ideally placed for further acquisitions in pursuit of its ambitious growth plans.”
Ludlow operates out of seven offices in Southport, Blackburn, Preston, Burnley, Fylde, Liverpool and Edinburgh. With the ongoing support of Mobeus and acquisition debt facilities established with Santander Growth Capital in December 2018, more bolt-ons are planned over the next year.
07 November 2019
“We pride ourselves on helping our clients make the right choices, enabling them financial peace of mind, and I am delighted Ivan recognised that was a good fit for his business. I am really pleased to welcome his clients to Ludlow and look forward to delivering on their personal and financial goals. Mobeus’s support has been key to delivering the three deals we’ve done this year, and we will be working together to further expand the group.”
Ian Hemingway, Ludlow CEO