IFA network Moneygate has acquired the discretionary fund management arm of adviser firm Watermark Wealth Management.
The DFM will be rebranded as Marketstar and will give Moneygate advisers access to a range of model portfolios.
The deal sees current Watermark chief executive Mark Woods take up the role of Moneygate strategic investment officer, heading up the Marketstar proposition. He will also sit on the DFM’s investment committee.
Moneygate is set to roll the DFM proposition out later this year.
The IFA arm of Watermark will join the Moneygate network. Watermark has five advisers and around £50m assets under management.
Moneygate Group chief executive Lee Hartley says: “Mark has a four year track record of delivering excellent returns to his investment clients and we are delighted to have him on the team.
“He shares our investment philosophy and has a passion for delivering safe and consistent returns for clients across the UK. Adding a wealth of experience to the team it gives us a platform to offer our clients further added value services.”
Woods says: “I am looking forward to bringing the extensive experience of the team to the table at what is a very exciting time for Moneygate Group as it looks to continue its rapid expansion.There are a great many changes affecting the industry this year and the move to Marketstar and Moneygate gives a much wider platform through which to operate.”
Pilot Financial Planning director Ian Thomas says: “I think it is a natural progression for larger advisory businesses to look to have this kind of fund management capability and I am sure there will be more coming out of the woodwork.”