Consolidator Fairstone has completed its acquisition of Glasgow advice firm Professional Partners bringing approximately £160m in funds under management and £1.1m in revenue.
Professional Partners was in Fairstone’s “downstream buy out” programme prior to the consolidator fully acquiring it. Through that model Fairstone takes a minority stake in advice firms then integrates them into the business before acquisition.
According to the firm, this is the fourth outright acquisition the company has made this year.
Professional Partners has around 800 clients.
Fairstone Group chief executive Lee Hartley says: “Professional Partners has been advising clients for over 27 years and, in common with Fairstone, is dedicated to quality service. The whole team are consummate professionals and have a shared ambition to grow the business – through this acquisition we are delighted to have secured such a strong presence in Glasgow and across the wider region.”
In October, Fairstone completed its acquisition of Buckinghamshire-based Hase Osborne Asset Management, which added £250m in assets under management to the consolidator.
It completed the acquisition of IFA McParland and Partners in March.
It also recently brought onboard former Intrinsic and True Potential compliance officer Sheriden Davy.