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Today’s news in brief – 21/2/2024

Private equity-backed Sumer Group Holdings has acquired Monahans, a South West-based accountancy firm. Monahans, now part of one of the top 15 mid-market accountancy businesses in the UK, secures significant investment from Sumer. The deal aims to quadruple Monahans’ turnover in the next five years, facilitating strategic partnerships and regional acquisitions. The increased capital has already enabled Monahans to acquire Swindon-based David Starbuck Limited. Sumer CEO Warren Mead sees Monahans as a perfect partner to enhance regional offerings, emphasising shared expertise and a commitment to assisting businesses in turbulent times.

The Financial Reporting Council (FRC) has reported 273 signatories to the UK Stewardship Code, with assets under management totaling £43.3tn. The signatories include 188 asset managers, 66 asset owners, and 19 service providers. The FRC notes improvements in outcomes-based reporting, reflecting the general enhancement of stewardship practices. Key stewardship themes include human rights in supply chains, nature-based solutions, biodiversity, and continued focus on climate change. The FRC, committed to reviewing the Stewardship Code in 2024, publishes guidance to aid fair, balanced, and understandable stewardship reports by signatories.

The Accountancy Partnership (TAP) in Birkenhead has signed the Ministry of Defence’s Armed Forces Covenant (AFC). TAP commits to providing job opportunities for unemployed veterans and their families, hiring two former military personnel from the Royal Navy and RAF. The firm receives the Bronze Award from the Ministry of Defence’s Employer Recognition Scheme. The AFC aims to support the Armed Forces community with employment, healthcare, education, housing, and financial services. TAP Managing Director Lee Murphy expresses pride in standing alongside veterans, recognizing their skills, and offering support in the workplace.

Reinoud Noorduijn has joined Evelyn Partners as a certified financial planner in its Guildford office, contributing to the wealth management group’s client growth in Surrey. Noorduijn, previously with Sheraton Financial Planning, focuses on understanding clients’ circumstances and goals to create tailored financial plans. Based in Guildford, Evelyn Partners’ financial planning team has expanded rapidly, growing from five advisers in 2021 to 14. Lee Matthews, Managing Partner in Guildford, welcomes Noorduijn and highlights the increasing demand for quality financial advice, aligning with the company’s ambitious growth plans and comprehensive offerings.

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