Lengthy-established wealth supervisor and stockbroker Redmayne Bentley has accomplished the acquisition of the shopper belongings of failed Liverpool wealth supervisor and stockbroker Blankstone Sington.
Redmayne Bentley says it has now built-in the non-public shopper enterprise of Blankstone Sington Restricted into its personal operation.
The deal means 1,700 shoppers have moved to Redmayne Bentley which has created 4 new jobs and opened a brand new workplace in Liverpool metropolis centre.
Blankstone Sington went into Particular Administration in mid-October final yr inflicting the shopper belongings and cash being frozen.
Directors labored with the board, the FCA and the FSCS to discover a agency to obtain the shopper financial institution and supply ongoing companies.
In late April, Redmayne Bentley was introduced as the popular agency. The price of any deal has not been disclosed.
As a part of the takeover Redmayne Bentley opened a brand new workplace at Twenty Chapel Avenue in Liverpool’s centre. The agency has additionally appointed former Blankstone staff Ben Taxman, Sarah Eden-Heyes, Enid Aubrey and Ali Keegan, as the purpose of contact for shoppers, assisted by the agency’s 200-strong Leeds head workplace.
Stuart Davis, chief govt, of Redmayne Bentley, mentioned: “For the previous Blankstone shoppers, finalising the switch of their belongings and money to Redmayne Bentley hopefully concludes a chapter of uncertainty, frustration and fear. We’re delighted to assist them with our award-winning private funding administration, Monetary Planning and conventional stockbroking companies.
“This acquisition helps our long-term technique for development, whereas persevering with to deal with delivering excellence.”
Redmayne Bentley was established in 1875 and is a significant unbiased non-public shopper wealth administration and stockbroking agency. It has greater than 150 client-facing funding professionals and 25 workplaces all through the UK.
Blankstone Sington failed in February final yr with the FSCS saying it will be investigating whether or not there have been any claims eligible for compensation.
A spokesperson for the FSCS on the time mentioned the compensation physique was working carefully with the directors because it anticipated to pay compensation as a way to switch shoppers’ cash and belongings to new brokers.
Blankstone Sington operated since 1976 and provided funding administration, mannequin portfolio companies, inheritance tax companies and stockbroking. The agency additionally provided companies regarding Sipps, property administration, private and belief taxation companies and ISA recommendation.
In accordance with the FCA’s register, Blankstone Sington (BSL) was authorised to do pension and funding work. It was additionally a member of the Inventory Change.
In accordance with the directors, Blankstone agreed to enter voluntary necessities in November 2021 due to the lack of a number of skilled workers who couldn’t simply get replaced. It meant the agency couldn’t tackle any new shoppers.
