Succession adds £50m to FUM with latest buyout

Succession bought the Southwick-based firm for £1.5m subject to regulatory approval. The deal marked its 13th acquisition, bringing it closer to its target of 50 firms with £7bn of assets by the end of 2017. Succession takes on member firms before putting them through a transition process, and later buying what it deems are the most "successful" ones, typically in half cash, half equity transactions. Throughout the transition, firms are asked to align their systems and controls, including financial planning, charging structures, the investment process and client communications, and...