Bellpenny to buy Skipton's £900m wealth arm Torquil Clark

Skipton Building Society is to sell its advice arm Torquil Clark to national wealth manager Bellpenny for an undisclosed sum.

Skipton said today that Bellpenny has purchased the company with the full support of Torquil Clark's management team. The UK's fourth largest building society launched Torquil Clark six years ago, with the midlands-based business growing its AUM to £900m. Bellpenny - which has already completed 20 smaller takeovers - said the latest acquisition would swell its funds under management to £2.5bn. The deal incorporates Torquil Clark's wealth management and employee benefits businesses, as well as its execution-only business TQ Invest, which accounts for more than £500m of the group's f...