Moneygate Group has bought City of London IFA Equus Independent Financial Management.
The deal sees 37 Equus advisers and 34 staff move across to Moneygate, increasing its total adviser number to about 100.
The acquisition increases Moneygate’s funds under influence from £1bn to £2bn.
Equus managing director Paul Fife has been appointed Moneygate Greater London divisional director.
Moneygate chief executive Lee Hartley says: “We have been looking for a particular type of organisation to build our London operation around and Equus not only brings an exceptional IFA business to the table but we also benefit from absorbing an especially strong management team.”
Equus managing director Paul Fife says: “We have been planning this transaction for around a year and a half and we selected Moneygate from a range of suitors.”
In June 2010, Moneygate bought Buckinghamshire IFA Beacon Asset Management, increasing funds under management by £90m.
It became the official independent adviser to the Scottish Golf Union and its 240,000 members in May last year.