Merchant House has recruited 120 former Clarkson Hill Group advisers and raised £345,000 of share capital following the acquisition of the firm’s assets.
The company launched its financial planning arm, Merchant House Financial Services, in December after acquiring assets from Clarkson Hill.
The firm now has 32 FSA-registered IFAs and says it expects the regulator to register all the remaining adv- isers that moved to Merchant House.
In an announcement to the stockmarket last week, the firm said it had raised the £345,000 of share capital to help develop the business.
MHFS says it now has £541m in assets under supervision and more than 30,000 clients.
Merchant House Group chief executive Christopher Day says the firm expects MHFS to contribute significantly to Merchant House Group’s 2011 revenue.
He says: “Merchant House Financial Services is going from strength to strength and is now solidly positioned to contribute to the continuing growth of group revenue.”
In December, MHFS appointed Foster Denovo founding director Nic Brown as managing director and as a director on the board.