Succession to acquire members now after cash injection

Succession Advisory Services will consolidate about a quarter of its 30 member firms ahead of schedule after investment boutique Spearpoint acquired a majority stake in the business.

Chief executive Simon Chamberlain says a number of members have completed its business transition programme and are ready for acquisition.

Spearpoint's undisclosed investment, which is subject to FSA approval, will dilute the stakes of other shareholders and help fund the £100m cost of consolidation, he adds.

Having set a target of £7bn in FUM within five years, Succession has already reached £5bn in just over a year among its 30 members.

Simon Chamberlain, CEO of Succession Advisory Services, says: "Succession rapidly established itself as a gatekeeper to the fund management market place, attracting high calibre member firms, and quickly achieved our target for FUM.

"Our plan has always been to invest in member firms to support their continued growth and expansion and we will now be in a position to do this well ahead of plan."

"This is an important strategic step for Succession that accelerates our transition programme to deliver a long-term, client-focused proposition, which has both our members and their clients at its heart."