A wealth management firm based in Suffolk has been snapped up by a private equity investment company presiding over £6.8bn worth of assets.
Bury St Edmunds-based Beckett Investment Management Group – which has an 80-strong workforce – continues under managing director Ian White after being acquired by the Foresight Group.
The Suffolk investment and advisory business – founded by outgoing chairman Bob Beckett in 1988 – works with more than 2,900 clients and manages around £775m of assets across a range of investment portfolios and is now eyeing further growth.
Foresight – which is based in London and has regional offices across seven UK sites including Cambridge as well as a presence in Sydney, Rome, Madrid and Luxembourg – is described as one of the most active investors in small and medium-sized enterprises (SMEs) in the UK and has been in operation for 35 years.
The sale deal is the third investment by the £100m Foresight East of England Fund which targets equity investments in SMEs in the region.
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“Foresight’s investment will support the next phase of development and growth for our firm,” said Mr White. “We are a purpose-led organisation that is passionate about playing a valued role in the community that we serve, promoting financial and emotional health and wellbeing to our clients and to wider society.”
Becketts’ new chairman, Malcolm Streatfield, was a member of the Financial Conduct Authority’s (FCA) Practitioner’s Panel and has more than 40 years’ experience in financial services including a chief executive of the Lighthouse Group.
Foresight senior investment manager Matt McLoughlin said Becketts had a well-deserved leading reputation in Suffolk and the wider region as a differentiated and trusted adviser to both private clients and companies with a strong set of values.
“Bob, Ian and the team have built a successful business which demonstrates outstanding engagement with the people in its teams and in the communities it serves. The company is well-positioned for continuing growth and we look forward to working together in the coming years,” he said.
Paul Tysoe, investment manager of the Cambridgeshire Pension Fun, a major investor in the Foresight East of England Fund, said: “The investment into Becketts is another exciting opportunity for the Foresight East of England Fund to support a well-established business at the heart of the East Anglia region.
“Becketts has strong reputation for delivering outstanding service to its clients and I am looking forward to seeing the company’s next stage of growth under its new leadership.”