France’s Groupe Allen buys UK wealth manager Altyx

French wealthiness advisory radical Groupe Allen has taken implicit Altyx Financial Planning, a London-based steadfast focused connected French nationals surviving successful the UK and dealing with cross-border wealthiness absorption issues.

The woody besides includes Altyx Corporate, which advises employers connected pensions and unit benefits.

No fiscal details of the woody were released.

Groupe Allen laminitis and chairwoman Sandrine Genet told Retail Banker International the transaction was a "100 % buyout".

The acquisition gives Groupe Allen a foothold successful the UK and is described arsenic the archetypal acquisition-led introduction into the British marketplace by an autarkic French wealthiness absorption firm.

The acquisition is portion of Groupe Allen’s wider plans successful Europe. After earlier improvement successful the Benelux region, the radical said the London bureau is its adjacent step, with much deals nether information implicit the coming 12 months.

Asked whether the adjacent signifier would impact further UK enlargement oregon a determination into different European markets, Genet said: "We program to bash some wrong the adjacent mates of years."

On the group’s 2030 target, she said the UK marketplace could correspond "Around 10 to 15%" of full assets nether management, adding that "by 2030 we purpose to person astir €5bn successful AUM."

Asked whether the transaction was aimed astatine protecting existing affluent clients oregon benefiting from changing cross-border demand, Genet said: "It's much of an violative strategy for the Group, arsenic we judge that transverse borderline issues volition beryllium an underlying inclination for affluent families successful the years to come."

On however Altyx volition beryllium wrong the wider group, she said: "No, Altyx volition stay the institution that offers proposal for our UK-based clients."

Altyx Financial Planning was established successful 2010 and is headed by Bérangère Salembien. The steadfast works with clients facing wealthiness and taxation questions linked to moves betwixt France and the UK. Salembien volition enactment successful complaint of day-to-day operations successful Britain, and Altyx Financial Planning volition service arsenic Groupe Allen’s marque successful the UK.

The London concern has 5 employees.

Genet told Retail Banker International that the UK cognition volition proceed with the existent squad and adhd 1 much unit member, Emmanuelle Bahl is joining the company.

She said the UK squad would turn further arsenic the lawsuit basal expands.

Groupe Allen advises astir 2,700 families and entrepreneurs and oversees €2bn successful assets nether management. The steadfast operates from Paris, Lyon, Toulouse, Montélimar, Brussels and Luxembourg.

"France’s Groupe Allen buys UK wealthiness manager Altyx " was primitively created and published by Private Banker International, a GlobalData owned brand.