Conforto says the TMP deal is part of its plans to expand its fee-based business through a series of acquisitions and by widening its client base among high net worth individuals.
Under the terms of the deal TMP’s managing director Michael McCroddan and his full-time staff based at their office in Hertford will transfer to Conforto’s Herts office.
Conforto will employ a total of 15 staff after the acquisition including five Registered Individuals and aims to open a London office as part of its aim to build a company with assets under management of more than £500m.
In the year to March 2008 fee income at Conforto was more than £1.1m and assets under management were in excess of £50m.
Conforto was founded in 2005 and initially focused on providing advice to professional sports people, but has since widened its client base. It has also acquired IFA business AIA.
Conforto managing director Andy Sutton says: “We are very excited by this deal and are delighted to be working with Michael McCroddan and his team who share our views on the way ahead for the IFA market.
“Our shared ambition is to build a refreshingly different fee-based advice organisation focusing on a client-led approach offering differentiated investment opportunities.”
McCroddan says: “I look forward to working with the Conforto team on growing our combined businesses. The deal crucially provides continuity for TMP’s existing clients and access to Conforto’s unique investments.”