Financial advisory firm CWB, securities management company PPS and Resource Mortgages have joined forces to create Radiant Financial Group.
The IFA consolidator was officially unveiled on 9 November 2020 and aims to grow its business both organically and through a series of acquisitions.
It currently has 20 financial advisers and £800m ($1bn, €877m) in assets under management (AUM).
Peter Mann, former vice-chairman at Old Mutual and chief executive at Skandia, has taken on the role of chairman; while Simon Cogman-Hellier will become chief executive of Radiant, bringing 40 years’ experience in the financial services industry.
The firm said its search for potential acquisitions will focus on culture, adding that finding like-minded IFA businesses will be its primary aim.
Cogman-Hellier said: “I am delighted to announce the launch of Radiant Financial Group today, and to be able to share our growth ambitions with the industry. We believe our intention to build a group based around a shared culture and vision is unique, and the team and I are excited to welcome others into our growing family.
“Our existing group businesses are known for their very high quality of service, prowess in winning new business and client focus. We believe, at the core, this is thanks to the fact we are all driven by a shared mindset and purpose.
“Our industry remains fragmented and the launch of Radiant represents an opportunity for like-minded individuals to become part of something special, allowing them to remove the regulatory and admin burden whilst continuing to work in an open, positive environment, focused on doing the right thing by their clients.”
Private equity firm Apiary Capital invested an undisclosed sum in the group alongside existing management.
Jeniv Shah, a partner at Apiary, added: “Radiant represents an extremely positive option for IFA business owners who need funding and scale to fulfil the next part of their journey, and we look forward to having a number of quality businesses join the group in the years ahead.”