UK wealthtech Wealthtime, a digital hub for independent financial advisers (IFAs) to consolidate investment portfolios, is moving into private equity hands.
European financial services private equity firm AnaCap Financial Partners has agreed to acquire Wealthtime for an undisclosed sum.
Wealthtime has more than €2 billion in assets under administration. IFAs receive administrative support and information through the wealthtech platform, which acts as a single digital hub for a wide array of products, including individual savings accounts, bonds, cash accounts, privately held investment portfolios and pensions.
AnaCap said its deal for Wealthtime signals the start of a planned series of strategic partnerships and bolt-on acquisitions in the UK, in a bid to create an attractive buy and build opportunity in a fragmented market, as well as an ambitious organic growth strategy founded on highly attractive proprietary technology. Completion of the transaction is subject to regulatory approval.
Following completion, AnaCap plans to strengthen the senior management team of Wealthtime.
Patrick Mill will join as chief executive officer, with Richard Denning and Dominic Easton installed as chief operating officer and finance director, respectively.
They will be joining existing Wealthtime commercial director Lucy Bristow to form the senior executive team.
Mill has been working closely with AnaCap and industry experts for much of 2019 in anticipation of the acquisition being finalised.
Nassim Cherchali, managing director at AnaCap, commented: “The acquisition of Wealthtime represents AnaCap’s first step into the UK wealth management space, with their highly impressive proprietary technology platform being a significant catalyst for the pursuit of this deal. Wealthtime is widely recognised in the IFA community for its high-quality service offering, while already showcasing an impressive customer base that has largely been established through word of mouth alone to date.”
“We are very excited to implement the first stage of our plan to invest in the company’s sales and distribution platform as well as to work with management in implementing the targeted buy and build strategy for 2020 and beyond.”