Elevation Financial Group (EFG), a Birmingham-based wealth management firm, has acquired Innovate Financial Solutions (IFS).With this deal, EFG hopes to bolster its presence in the South-East. It will maintain IFS’s offices in both Essex and London.
FCA Spac changes to have ‘significant impact’ on UK advice M&A
Lowering threshold for initial listing to £100m ‘makes it a perfect size for an acquisition vehicle’
Looser regulatory restrictions around special purpose acquisition companies (Spacs) could have a “significant impact” on the UK financial advice market as investors look for alternative routes to tap into rampant consolidation in the space.
A Spac is a corporation formed for the sole purpose of raising investment capital through an initial public offering (IPO). When the Spac raises the required funds through an IPO, the money is held in a trust until the desired acquisition is made.