‘We’re combining the strengths and resources of three excellent firms’: Two Northern Ireland wealth businesses join London group in £300m deal

London-based Lync Wealth Management has expanded its presence in Belfast after acquiring two local financial planning firms in deals that add around £300m in assets under advice.

Carleton Financial Planning and RJ Savage Asset Management have both joined Lync, bringing the group's total assets under advice in Northern Ireland to more than £350m.

The two businesses will continue to serve clients from their existing Belfast offices, with the deals forming part of Lync's strategy to build a leading wealth management business across the UK.

Northern Ireland has been identified as a key growth market by Lync, which currently has 22 offices and 120 advisers serving clients with approximately £4bn in assets under advice.

The group already has a presence in Northern Ireland through North Financial Management.

Backed by its owner, an affiliate of 7IM Group, Lync is targeting more than £1bn in client assets in Northern Ireland through a combination of organic growth, adviser recruitment and further acquisitions.

John Bamber MBE of Carleton Financial Planning said the deal represented an exciting new chapter for the business and would strengthen its regional offering while retaining its focus on personal service.

“This is an exciting chapter for our business, with Northern Ireland continuing to be one of the UK’s major financial services centres. By joining forces with Lync, we’re combining the strengths and resources of three excellent firms to create a strong regional base, meaning clients can expect even greater value, delivered with the same personal service and expertise,” he explained.

Ronnie Savage of RJ Savage Asset Management said joining a larger group would allow the firm to build on its existing local expertise: “We've built our business on understanding this market inside out, and that local expertise doesn't get replaced when you join a bigger group, it gets amplified.

"Northern Ireland's financial services sector is thriving, and it's encouraging to see that recognised through this level of investment. We're looking forward to being part of the next stage of growth here alongside Lync.”

Dean Proctor, CEO of 7IM, agreed: “We are proud of the business we are building in Northern Ireland and see a significant opportunity for future growth. Belfast's strong financial services sector and deep pool of talent make it an important part of our long-term strategy.

“Our growth in the region has been built through strong relationships, shared values and a commitment to delivering high-quality financial planning. The addition of Carleton Financial Planning and RJ Savage Asset Management represents another important step in that journey.”

Agustin Fernandez, chief corporate development officer at 7IM and Lync, said the acquisitions reflected the group's approach of partnering with established firms while retaining their local identity.

He added: “These acquisitions reflect our M&A strategy, which is to look for high-quality firms who want to accelerate their growth, and we support them with the resources of Lync and 7IM's private wealth capabilities, while preserving what makes them successful today - their independence, culture, colleagues, and local relationships. We remain open to further acquisitions, in the region and across the UK.”

Lync Wealth Management is a UK-based financial planning and wealth management business with approximately £4bn in client assets under advice and more than 250 staff.

It provides financial advice to individuals, families and business owners, with a focus on long-term adviser relationships and holistic financial planning.

The group is seeking to build a scaled, nationwide wealth management platform while retaining the local relationships and expertise of the advisory firms it acquires.

Carleton Financial Planning was advised on the transaction by Beltrae Partners, Matt McCullough and Dan McCrea, and Mills Selig, Chris Guy and Lyndsey McSherry.