Leeds-based wealth manager The Private Office has acquired London-based IFA firm PQR Financial Planning in a combined cash and equity deal.
The deal, which marks the first acquisition by Leeds-based TPO, will bring assets the firm’s assets to £1bn and give it a turnover of £8.5m.
TPO’s London office will merge with PQR and trade as PQR, part of TPO Group.
TPO was founded in 2008 and has 56 staff in Yorkshire and ten in London, which includes 17 advisers. The firm has £750m in funds under management.
Meanwhile, PQR, which is headed by managing director Quentin Holland, was founded in 2003 and has 23 staff with 11 advisers and about £250m of asset under advice.
TPO chief executive Stuart Phillips says: “PQR offers our clients, particularly in London and the South, more top-class advisers, and internally, a succession strategy, more career opportunities and the dynamics of being part of greater shared intellectual capital within a larger firm.”
The wealth manager says there are plans to grow to a £50m business with 50 advisers within the next 10 years.
Phillips says: “Our plan is simply to be in the market and grow but we are open to discussions with independent firms if there is a good fit, professionally and culturally.”