IFA consolidation wave continues with regional takeover

Tavistock Investments has taken over Duchy Independent Financial Advisers, continuing a wave of consolidation in the IFA market.

The AIM-listed financial services group acquired Duchy for £350,000, with £220,000 to be paid in cash and the rest made up in shares. Duchy is a south-western IFA with offices in Truro and St Ives. It will become a subsidiary of Tavistock Partners, the advisory arm of the group. The move follows a string of IFA acquisitions and mergers in recent months. Consolidator AFH made its tenth acquisition in eleven months last week, buying Independent Financial Services. Wealth manager Bellpenny has also aggressively targeted the IFA market, acquiring 24 wealth management firms in the tw...