Financial Group make key Welsh acquisition

An established Welsh firm of independent financial advisers has been acquired by leading financial firm, Portland Financial Management Group.

Alchemy Wealth Management, based in Chepstow, has been acquired by the firm as part of the Group’s UK-wide strategic growth plan.   The acquisition, for an undisclosed sum, takes the total number of staff in the Group to 65, with plans to increase to 80 by 2012.

Drewe Lacey, founder and former managing director of Alchemy Wealth Management will now sit on the board of Portland Financial Management Group in addition to taking on the role of chairman at the Chepstow-based firm. Alchemy Wealth Management will be headed up by Richard Edwards who becomes managing director and will oversee the company’s future growth plans. 

Drewe Lacey, chairman of Alchemy Wealth Management said: “Our acquisition by Portland Financial Management Group represents an opportunity for Alchemy and its clients to benefit from additional expertise, advice and services from the wider Group. With additional resources in place we have been able to invest in growing the head count at Alchemy and  in the last two months we have appointed two administrators, two advisors and a financial paraplanner to the team. ”

Portland Financial Management Group plans to support existing Alchemy services whilst further capitalising on its position as a leading IFA in south Wales. The Welsh company is benefiting from the acquisition, having increased its turnover by 16% compare to that of its 08/09 financial year.

On the acquisition, Anthony Smith,  founder of Portland Financial Management Group said: “Alchemy Wealth Management not only has an excellent reputation for providing independent financial advice but has a strong management structure in place and sound financial turnover. Through this acquisition we aim to further develop Alchemy and its offering in Wales, the midlands and the South West of England and in particular establish the Alchemy brand as the foremost IFA in Wales.. Together we will be able to provide a stronger entity to both existing and new clients, offering additional services and expertise.

Established in 1996, Alchemy Wealth Management provides clients with a professional financial planning service.  The company specialises in tax planning, investments, pensions and corporate financial planning for both private and corporate customers in addition to a number of specialist services.

Originally founded as ‘Drewe Lacey Financial Planning Ltd, the Company was rebranded in April 2003 to ‘Alchemy Wealth Management Ltd’ when the company merged with Bridgend Practice 'Alchemy' headed up by then independent financial advisor, Richard Edwards. 

Richard Edwards, the new managing director of Alchemy Wealth Management said: “Our recent inclusion into the Portland Financial Management Group will further benefit our clients to provide a comprehensive and diversified range of expert financial services.  The Group offers a wealth of experience, knowledge and undoubtedly the completion of this acquisition represents a significant step for Alchemy in our strategy to provide a robust and expert service for our clients.
Continued Drewe: “This acquisition is the start of a new era for Alchemy and we are looking forward to being part of a wider financial network whilst continuing to focus our efforts in further growing our market share, becoming the major IFA in south Wales.”
Established in 1994, Portland Financial Management Group has its UK head office in London, and comprises of ten companies embracing fund management, specialist services, a regulated fiduciary and an advice practice in Geneva in addition to four IFA practices in the UK, all regulated by the Financial Services Authority. The Group has ambitious growth plans with the ambition to hold a private banking license in the next three years.

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