Foster Denovo moves forward in 2024 With £9.4m EBITDA

And acquisitions adding £688 million AUA

2024 headlines:

• Five acquisitions – four external and one practice buy-out – adding £688 million AUA and largest deal to date for Punter Southall’s employee benefits arm.
• Revenue – rose to £42.9 million, 47% up on 2023, the eighth year of consecutive growth.
• EBITDA – up to £9.4 million from £6 million, an increase of 57%.
• Assets under management – grew to £1.7 billion, up 21% on 2023 across the Dynamic Portfolios and Sequel Investments with over £1 billion in the Dynamic Portfolios.
• Awarded platinum accreditation – by Investors In People (IIP) in mid-2024, putting the group in the top two per cent of companies assessed by IIP worldwide.
• Foster Denovo Group – has posted strong financial results for 2024 as it continues to move forward on its growth strategy.

The group, parent company of financial advisers Foster Denovo, corporate advisory consultancy Secondsight, and investment management firms Sequel Investments and FD Dynamic Portfolios, demonstrated positive progress driven by acquisition, recruitment and organic expansion over the course of the year.

The business completed its largest acquisition to date, Punter Southall’s employee benefits division, in Q1 2024, taking its corporate client roster to around 1,500. It also completed a further practice buy-out and acquired three financial advisory firms – Rosemount Asset Management in Glasgow, 80 Twenty Consultancy in Lockington and Brian Mole IFA in Burton on Trent. Verum, also in Glasgow, was completed on the 1st Jan 2025, together with a further three practice buy outs in Q1 2025.

Revenue increased to £42.9 million, making 2024 the eighth consecutive year of continued growth, delivered despite ongoing market challenges from persistent inflationary pressures and geopolitical uncertainty impacting equity and bond markets.

The end of 2024 marked three years since Foster Denovo began to deploy Crestline’s funding for its acquisition programme. Over this period, EBITDA has grown by £7.8 million to £9.4 million.

Assets under management in the group’s Dynamic Portfolios reached £1.01 billion at the end of the year, a 36% increase on the previous year, continuing the trend of the last few years. State Street, already running two of the five funds, were given the mandate to oversee two more in October, 2024.

Foster Denovo Chief Executive Roger Brosch said: “An exceptional set of results with continued year-on-year growth in all important measures. This year we completed a further five acquisitions, welcoming over 120 colleagues to the group and further strengthening our capability and reach.

“The pipeline for further deals remains promising and we continue to invest in harnessing the benefits that AI can deliver to our colleagues and our clients.”

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About Foster Denovo

Foster Denovo Limited is a multi-award-winning national firm of financial advisers with 13 offices across the UK. Its partners provide specialist financial advice, services and investment solutions to individuals and their families, businesses, employers and charities.

Advice for individual clients covers the full range of advisory areas, including financial planning, wealth management, retirement solutions, at retirement advice, estate planning, mortgages and protection.

Foster Denovo Limited is part of the Foster Denovo Group Limited.

Media Contact:

Hilary Morison – Director, MRM
E: hilary.morison@mrm-london.com
M: 07793 564 351