Conforto says the deal is part of its plans to expand its fee-based business through a series of acquisitions and widen its client base among high-net-worth individuals.
Under the terms of the deal, TMP managing director Michael McCroddan and his full-time staff will transfer to Conforto’s Hertfordshire office.
Conforto will employ a total of 15 staff after the acquisition, including five RIs, and aims to open a London office as part of plans to build a company with assets under management of more than 500m. In the year to March, Conforto’s fee income was more than 1.1m and assets under management were over 50m.
Conforto was set up in 2005 and initially focused on providing advice to professional sportspeople but it has since widened its client base. It has also acquired IFA business AIA.
Managing director Andy Sutton says: “We are delighted to be working with Michael McCroddan and his team who share our views on the way ahead for the IFA market.”
McCroddan says: “The deal crucially provides continuity for TMP’s existing clients and access to Conforto’s unique investments.”