Financial services firm Torquil Clark has been acquired from Skipton Building Society by Bellpenny.

Bellpenny is a national wealth manager and IFA acquirer and is headquartered in Reading.

The undisclosed deal is conditional upon regulatory approval and follows a six-year ownership of Torquil Clark by Skipton Building Society.

Torquil Clark, which is based in Wolverhampton and has an office in Lancashire, brings a total of £900m of client assets and the deal takes Bellpenny's funds under management to over £2.5 billion.

It is Bellpenny's biggest acquisition to date and its 21st since it began in October 2012.

The deal incorporates Torquil Clark's wealth management and employee benefits businesses and also includes its execution-only business TQ Invest, which accounts for more than £500m of the funds under management.

Employees of Torquil Clark, which include 16 financial planners and more than 50 support staff, will join Bellpenny while the local presence will be retained.

Managing director John Chapman will join Bellpenny to head up the rebranded direct business and also be a member of the firm's executive team.

He said: "With its strong financial backing, clear vision and relentlessly customer-focussed approach, I fully expect Bellpenny to be one of the dominant players on the UK financial planning scene over the coming years.

"At a personal level, I am very excited at the prospect of joining Bellpenny's Executive Team and leading the company's ambitious growth strategy in the direct market."

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