Newell Palmer has bought Macclesfield IFA The Acumen Investment Partnership, its 50th acquisition since being set up 25 years ago.
The deal adds £35m in funds under management. Acumen’s 119 clients will be serviced by advisers at Newell Palmer’s Wolverhampton office.
Acumen senior partner Nick Cosby is retiring from the business.
Newell Palmer finance director Kevin Homfray says: “Nick’s firm aligns perfectly with the way we do things here at Newell Palmer and our Wolverhampton advisory team look forward to meeting and advising their new clients.”
Earlier this year, Newell Palmer bought Worcester-based Moneyfax FPS – a deal that added £20m of funds under management and 80 active clients to the advice firm.
In April, it bought Coventry-based HIA International (Financial Services).
Speaking to Money Marketing in April, Newell Palmer group managing director Philip Stepp gave an insight to the firm’s acquisition approach.
He said: “When integrating businesses, we don’t want to retain the employees; we want the opportunity to deal with the client. That is what keeps integration simple.”
Stepp added: “We don’t want to take on staff and advisers as it takes too long to integrate. The IFA who is retiring works with us to persuade the clients to stay on board. We focus on how we can ensure the service improves on what they are currently getting. Unless we determine we can offer a better service, we’ll walk away.”