Mortgage broker SPF Private Clients has been acquired by insurance broker Howden.
Howden, which offers a range of insurance and wealth management advisory services, including a high net worth division, says the acquisition allows it to create a “full-spectrum UK broker”.
SPF Managing Director Mark Harris will remain CEO of SPF, which will now form part of Howden’s UK and Ireland operations.
SPF was formed in 2011 following a management buyout and rebranding of Savills Private Finance, the finance arm of real estate agency Savills. In 2018, Cabot Square Capital acquired a majority stake in the company.
SPF today offers residential and commercial mortgage brokerage, commercial real estate insurance, high net worth insurance, title insurance, life insurance and related wealth management advice.
Mark Harris, CEO of SPF said: “SPF and Howden are very complementary businesses. SPF will benefit from the significant opportunities that being part of Howden will provide, with a strong drive to offer our debt product ranges across the group.
Chris Evans, Deputy CEO of Howden Broking Group, said: “Howden and SPF have a long-standing business relationship, so SPF joining the Howden family is a natural next step in our partnership. He says the acquisition will enhance Howden’s offering and allow it to diversify into the distribution of complementary products.
Howden currently has 110 high street branches, currently branded as A-Plan. It is also finalizing the purchase of Aston Lark, a benefits provider.