Caledonia Edinburgh bought in Bellpenny double swoop

Lynn Healy
Lynn Healy

Wealth manager Bellpenny has bought Caledonia Edinburgh in one of two acquisition deals completed this week.

The takeover is part of Bellpenny’s drive to increase its presence in Scotland where it already operates a Glasgow office.

Caledonia adviser Lynn Healy, a co-director with George Shepherd, will transfer as part of the deal, which represents US-backed Bellpenny’s 25th acquisition.

A Bellpenny statement read: “We are delighted that Lynn Healy will be joining us as a financial planner and would like to welcome all of the clients joining us from Caledonia Edinburgh Ltd.”

The deal was announced along with Bellpenny’s acquisition of Midlands outfit Rawson Steele.

The acquisitions will add £84 million in combined assets under management to the firm which acquired Reid, Scott & Ross, KM Financial Advisers, and MGW, in a flurry of deals across 2013 and 2014.

It brings Bellpenny’s assets up to £3 billion and follow the recent unveiling of its Glasgow and Midlands hubs.

Chief executive Kevin Ronaldson said: “We never underestimate what a big step it is to sell a business which has been years, often decades, in the building. That’s why it’s so rewarding for the Bellpenny team that IFA owners the length and breadth of the UK continue to entrust us with both their legacy and their clients’ futures.”

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