National advice firm Foster Denovo has acquired London and Capital UK’s wealth business in its latest expansion deal.
Foster Denovo will begin servicing London and Capital clients’ portfolios and two advisers will move across to the firm.
While currently the clients receive wealth management solutions, Foster Denovo says that they may move into its wider financial planning proposition at a later date – though they will see no change to their portfolios and charges in the near-term.
Money Marketing revealed in February that Foster Denovo is in the early stages of building a platform for its advisers, adding to the investment management company, Sequel Investments, that it already owns.
Foster Denovo chief executive Roger Brosch says: “Our growth strategy is clear, we are well positioned for further deals and intend to be a ‘facilitator’ in the market, able to offer a compelling option for businesses who put the interests of clients and staff high on their list of deal priorities.”
The deal comes on the back of Foster Denovo’s acquisition of Orchard Wealth, based in Kent, earlier this year.
London and Capital’s chief operating officer Guy McGlashan says transferring UK wealth clients to Foster Denovo fits with the firm’s strategy to pivot towards its “core strengths” of more international specialist segments in the private client market and the firm’s distinct institutional business.
McGlashan says: “We strongly believe that Foster Denovo will continue to provide our UK wealth clients with an excellent service and provide a good home for them and the advisers transferring with them. We look forward to working closely with Roger and the rest of the senior team at Foster Denovo to ensure a smooth transition for these clients and their advisers.”