Bain Capital Takes Minority Stake in Openwork to Drive Strategic Growth
- Simon Bourke
- May 27
- 2 min read
Updated: Jun 12
27th May 2025
Bain Capital has entered the UK financial advice market by acquiring a minority stake of up to 30% in The Openwork Partnership through a £120m investment. The deal was announced in October 2024 and has received approval from the Financial Conduct Authority, Openwork’s board and marks Bain’s first move in the UK advice sector, building on its experience in the U.S. market.
Founded in 2005, Openwork is one of the largest financial advice networks in the UK, boasting over 4,800 advisers across 860 firms. Since Zurich exited its ownership in 2018, Openwork has been primarily 90% owned by its adviser partners, comprising more than 1,300 individuals.
The investment is part of a broader £200m strategic plan to scale the business. This plan includes:
£120m in equity for growth and innovation
£35m in revolving credit from Santander
Additional funds from internal capital resources
Key initiatives within this plan involve adviser recruitment, succession planning, and investments in technology and data management. These efforts reflect a market-wide shift toward digital infrastructure and sustainable growth.
Elena Lieskovska, a partner at Bain Capital, has joined Openwork’s board, further solidifying the private equity firm’s commitment to supporting strategic initiatives and technology investments for long-term value creation.
Openwork CEO Philip Howell described the deal as “an exciting new chapter,” positioning the network to become a leading provider of holistic financial advice across the UK.
This move comes shortly after Saltus’s acquisition of Delta Financial Management, which added £400m in AUM and strengthened Saltus’s position among the top tier of UK private equity-backed consolidators. Like Saltus, Openwork’s growth strategy prioritises client-focused integration, platform compatibility, and strong cultural alignment—all of which are essential for successful partnerships.
At Chapters Capital, we specialise in financial planning and wealth management M&A and understand the importance of strategic acquisitions for growth. Whether you are considering a sale, merger, or expansion or want to learn more about buyers in the space, please contact one of our professional associates today for a confidential, no-obligation consultation.
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