Destini Financial Services Group has continued its aggressive acquisition programme with the acquisition of two London IFA firms.
City IFA London and Redwood will bring 10 more registered individuals into the group. The advisers will be operating alongside Destini Fiona Price, Destini Seymour and Destini Bloomsbury advisers in London.
Destini, launched in 2001 by group chairman and chief executive Barry Parsons, has bought 19 IFA firms in the last three years.
Parsons says the group intends to concentrate on developing its presence nationally in the next 12 months with a number of businesses in each region of the UK.
The two new deals, which were for a mix of cash and shares, bring the group's total of RIs to 104.
The acquisitions are part of Destini's plan to expand in the capital. It now has 30 RIs in London, with the businesses producing a £3m turnover.
City IFA London director Tony Waters says: “We believe that the current market and regulatory changes will mean that smaller IFAs need the resources and organisation of large groups to survive in the future. The synergies that are available within Destini, particularly with a great many firms specialising in niche areas, provide us with exciting growth and profit opportunities.”
Redwood partner Ray Nunn says: “Destini is changing the landscape of the IFA market and we are delighted to be part of the team.”