Punter Southall Group has acquired the employee benefit and private client financial planning business of Blacktower Financial Advisers for an undisclosed sum.
The deal with the Surrey-based IFA will increase the group’s number of private clients by 20 per cent to 5,000.
All of Blacktower’s New Malden-based staff will move to Punter Southall’s Guildford office.
Punter Southall Financial Management managing director John Hamilton-Hunt says: “Both companies share the same professional, personal approach which seeks to foster long-term client relationships and positive outcomes.
”Add to this the fresh thinking and innovation from our investment teams across the group and we can better serve the objectives and expectations of our clients.”
Blacktower managing director Chris Bruce says: “This is an exciting development for us. Our client relationships will continue to strengthen because they will be able to access a broader range of personal and corporate planning services as part of a like-minded but larger organisation.”
Punter Southall has 820 staff across the UK and has £6.9bn in assets under management. Blacktower has 10 staff and 750 clients.
In March, Punter Southall took a minority stake in Kent-based financial planning firm Argentis Financial Group.