The deal, which comes on the back of the successful purchase of Beaufort Financial and YOU Asset Management earlier this year, will see Solomon take full ownership of Gale and Phillipson with CEO David Carr joining the Executive team at Solomon following completion.
Founded in 1988, Gale and Phillipson has well-established offices in London, Newcastle, Richmond and Northallerton from where its 34 advisers oversee the assets and financial affairs of over 3,500 clients. The business also has its own discretionary fund management arm with around £500m under management and an additional £900m under advice.
With Beaufort Financial, YOU Asset Management and now Gale and Phillipson at its core, Solomon’s model is to acquire other successful regional firms to create an integrated network of hubs serving in excess of 50,000 clients across the UK.
Solomon is backed by private equity firm J.C. Flowers & Co, which has a strong track record in financial services going back more than 20 years. Financial terms of the transaction are not being disclosed.