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AnaCap Financial all set to acquire wealthtech Wealthtime

European financial service private equity firm, AnaCap Financial Partners (AnaCap) has announced its agreement to acquire wealthtech platform, Wealthtime as an initial investment in a sector growth and consolidation strategy. Post-completion of the acquisition, AnaCap is expected to strengthen the senior management team with the appointment of Patrick Mill as the CEO, Richard Denning as the COO and Dominic Easton as the FD. The new team will join the existing Wealthtime Commercial Director, Lucy Bristow to form the Senior Executive Team.

Nassim Cherchali, Managing Director at AnaCap, commented, “The acquisition of Wealthtime represents AnaCap’s first step into the UK wealth management space, with their highly impressive proprietary technology platform being a significant catalyst for the pursuit of this deal. We are very excited to implement the first stage of our plan to invest in the Company’s sales and distribution platform as well as to work with management in implementing the targeted buy and build a strategy for 2020 and beyond.”

Patrick Mill, incoming CEO, Wealthtime commented, “Over the years, the company has built an enviable reputation among advisers. Now, with the right investment, there is a clear opportunity to scale-up the business transforming the customer experience, enhancing the platform and reaching more of the adviser market.”

Wealthtime’s technology platform aims to deliver material administrative efficiencies as well as analytics and reporting to IFAs. It provides administrative support and information in one secure online service, via a single, digital hub. The platform provides these services across an array of products including ISAs, bonds, cash accounts, privately-held investment portfolios and pensions, to provide a single solution and complete picture of their clients’ financial position.

Jan Regnart, CEO, Wealthtime commented, “We founded Wealthtime because we believed the best advice deserved an exceptional service too and I’m incredibly proud of what we’ve achieved. With the best technology, people and service, the business has huge potential so, it will be exciting to see how it evolves with Patrick at the helm.”

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