Consolidator Fairstone has acquired investment and retirement portfolio specialist advice firm Pensions and Wealth Management Services Ltd.
The firm has offices in Hertfordshire and West Lancashire and will add around £200m in funds under management to Fairstone’s coffers.
PWMS brings four advisers, four support staff and 400 clients to the deal which also secures Fairstone a gross fee income of £1m.
Fairstone chief executive Lee Hartley says the firm came though it’s downstream buy out model which has been successful in attracting prospective firms for acquisition.
Under the terms of the DBO, the integration of the proposed acquiree is completed before the sale is finalised.
Hartley says: “Our DBO proposition continues to gain in popularity, particularly among more sophisticated wealth management firms who place significant importance on ensuring that positive customer outcomes are realised as a result of the transaction.
“We are delighted to complete the final acquisition with PWMS having worked with the firm throughout the integration phase of the DBO programme.”
This is Fairstone’s first acquisition of 2019 and follows the December purchase of Darlington IFA, Belasis.