Broker wants to focus on investment and growth in general broking sector

Broker James Hallam has sold its IFA business to Somerville Financial Services.

Managing director Paul Anscombe said the company wanted to focus its future investment and growth in the general broking sector, and specifically in specialist sectors.

“Financial services was a relatively small part of our business and, in consultation with the team, we agreed that a trade sale was the best solution,” Anscombe said.

“Somerville is a well known and respected company within the financial services community and personally known to us for many years.”

James Hallam has also penned a partnership deal with Somerville to refer new financial services opportunities on an introductory basis.

The broker said it was poised for further growth and anticipated “considerable” acquisition opportunities in the coming months.