On July 31, 2022, PCP signed a definitive agreement to become the major shareholder of Saltus, one of the highest quality and fastest growing wealth management firms in the United Kingdom.
Saltus is a founder-led financial planning and investment management firm that has achieved strong growth in recent years, propelled by a client centric advice model, differentiated investment solutions, tech-savvy operational execution and a sophisticated acquisition and integration strategy that achieves high levels of vertical integration.
Saltus adopts an engaging partnerships style with a high level of ownership and participation of management, advisers and working members, making the firm an ideal home for ambitious wealth management practitioners to achieve professional development and high levels of client service.
Preservation Capital Partners will back Saltus’ existing management team and strategy, in a regime of continuity, with the ambition to become one of the most prominent and highest quality wealth management providers in the UK.
By the end of 2022, Saltus is projected to serve £4bn AuM, on behalf of ca. 7,000 clients, served by ca. 50 financial advisers.
Jon Macintosh, Managing Partner at Saltus, said: “We have grown significantly over the past few years – both organically and through the acquisitions we have made – and as a result are seeing increasing demand from high-net-worth clients for our goal-focussed financial planning and wealth management services.
“The next step in our evolution is to create an offering to support the UK’s most sophisticated and high-end financial advisers so that they can grow their business faster, maximise value, and focus on doing the bits of their job they love the most – looking after clients and winning new ones.
“We believe PCP’s insight, experience and capital will significantly enhance our ability to expand the Saltus business and cement our position as the leading HNW wealth manager in the UK.”
Andrea Secci, Managing Director at PCP, said: “The central principle of our investment approach is to back outstanding management teams that have demonstrated an ability to outperform the market. Saltus has industry-leading double-digit organic growth rates, very high retention and a unique vertically integrated business model. We are delighted to be supporting the firm to supercharge growth and make that ambition a reality.”
Preservation Capital Partners is advised by Kirkland & Ellis, Macfarlanes, Thistle, PwC, Chris Patrick Consulting, BMS and LEK.