PIMS becomes the tenth firm to be brought under the Perspective umbrella since the Group was launched in April 2008. The IFA firm is based in Maidstone, Kent and operates with a turnover of £1 million with a recurring income of approximately £500k.
PIMS was established in 1987 and is operated by its three directors, Glynn Downton, Neil Brenchley and Kevin Mullins, who between them have over 100 years’ combined experience in the financial services industry.
The practice is a well-established profitable firm advising on all aspects of Savings, Investments, Pensions and Mortgages. PIMS has deep roots in the Kent business community with the majority of its clients being introduced by local chartered accountants and solicitors.
The firm will continue to operate under its current name with the three directors remaining in place to operate and develop the business. Earlier this year Perspective announced a major refinancing package with Lloyds Banking Group which boosted its acquisition facility to £12.5 million.
Damian Keeling, Managing Director at Perspective Financial Group Ltd, commented:
“Our acquisition of Professional Investment Management Services shows Perspective’s continued focus on purchasing profitable IFA firms who add considerable weight to the overall Group and can benefit from the wide range of value-added services we can offer. PIMS is an established firm led by a quality management team who know the value of local professional connections and are renowned for the quality of the advice they provide to clients.
“Consolidation should not simply be a numbers game where the focus is only on the number of advisers at a firm. We have always stated that Perspective is only interested in quality, profitable firms and this purchase is further proof of our ongoing strategy.
"We have also been looking to widen the geographical spread of firms acquired by Perspective and PIMS now provides us with a base for the Group in Kent and the wider South East.
"It is also our stated aim to provide acquired firms with the financial backing to allow them to make their own local purchases and we hope to bring a number of new firms under our umbrella using this method.
"Perspective has now reached double figures in terms of purchased firms and, while we are almost at the end of 2009, this will not be our final purchase announcement of the year.”
Glynn Downton, Director of Professional Investment Management Services, said:
“There are clearly a growing number of consolidator propositions in the marketplace but we were impressed by the vision, strategy and services available through the Perspective Group. It was also vitally important that the PIMS brand and management team remained in place as this gives us the opportunity to continue to manage a successful firm, but now with added financial security and strength.
"Our focus as always will be on providing quality advice to our clients, while this relationship will also mean we benefit from the compliance and financial expertise Perspective can offer. We now have the ways and means to grow the business at a much faster rate than previously possible and although we have strong local connections we will be looking to expand our reach across the wider region.
"The business as a whole and our clients should certainly see the benefits of being part of the Perspective Group.”
