Chartwell buys Broadoak - Chartwell's acquisition trail continues

In October 2007 – Chartwell Group Limited ("Chartwell"), the IFA and broker firm, announced the acquisition of Broadoak Group Limited ("Broadoak"), the Bristol based independent financial advisory firm, for an undisclosed sum. Chartwell said the acquisition was part of its strategic expansion and desire to establish itself as one of the top IFA and broker firms in the UK.

Chartwell is a firm of independent professional investment advisers headquartered in Bath. The firm was established to help both private and business clients organise and plan their financial affairs. Chartwell provides financial planning and advice, a discount brokerage service, online investment management tools to investors wishing to manage their own investments and its own externally-managed funds.

The acquisition of Broadoak further strengthens the firm's advisory proposition and brings its total number of staff to 100, advisory clients to 7,500 and direct and fund clients to 37,000. Total combined annual turnover now exceeds £10 million.

All former Broadoak staff will remain employees of Chartwell and will continue to operate from its offices in Queen Square, Bristol. Chartwell's head office will remain in Bath. Lord MacLaurin of Knebworth remains as Chairman of Chartwell whilst Peter Hill, former CEO of Broadoak, will become Managing Director of Chartwell's Bristol office.

Chartwell CEO Jim Grant said: "We are an ambitious firm with a strategic vision and Broadoak fits our values and culture perfectly. Being based in the south west, we can work particularly closely to bring the two businesses together. We've established Chartwell as a business offering highly professional financial planning advice, expert fund management, and some of the best discount broker deals in the market. We’re now ready to take the business forward and this is the next phase of the plan."

Peter Hill, MD of Chartwell’s Bristol office said: "We are delighted to have joined forces with Chartwell. Their business model is a natural fit with ours and with the additional resources of Chartwell we will be able to continue to service our clients in an holistic manner. Chartwell is highly respected and known for creating innovative investment solutions, listening to clients and giving them what they need. Clients can look forward to receiving a wider range of products, services and market expertise."

Advisory firm Cavendish Grant, founded by CEO Jim Grant, acquired Chartwell in November 2005 and re-branded to Chartwell in June 2007. The firm operates across five main business lines - Chartwell Private Client for financial advice, Chartwell Fund Management, Chartwell theinvestorcentre.com, Chartwell Annuity Centre, and Chartwell Funding, an independent mortgage brokerage.