New joiners take Succession total assets to £6bn

Consolidation vehicle Succession Advisory Services has taken on four member firms in 2012, bringing in combined assets under management (AUM) of some £430m.

Surrey-based Sigma Asset Management, which has 18 advisers and £200m AUM, and Xentum Wealth Management, a Lymm-based business with £100m AUM, joined earlier this month.

Wessex Investment Management, which has offices in Beaminster, Ferndown and Newbury, has brought in £80m AUM, while Nottingham-based Firth & Scott Financial Services manages assets worth £50m.

The joiners take the number of firms under the Succession umbrellla to 40. Between them, the member firms look after some £6bn client assets.

Simon Chamberlain, chief executive of Succession, said: "Business owners can now recognise the wealth of opportunities arising from a new regulatory regime that rewards professionalism and expertise.

"As a collective of like-minded individuals, Succession's partner firms are well-placed to leverage our influence to negotiate attractive rates and deals, as well as share best practice, for the benefit of clients, employees and stakeholders".

Succession was launched in 2009 and last year began acquiring stakes in some of its members.