The deal sees around 300 members of Vantis staff join the RSM Tenon team, with the group estimating an additional £27m of annual fee income for the firm.
Earlier this month Vantis, the parent company of IFA firm Vantis Financial Management, was forced to suspend share trading due to a lack of funds. Vantis chief executive Paul Jackson and head of business recovery Nigel Hamilton-Smith resigned on June 12.
The announcement comes a day after the board of Vantis announced it had appointed administrators to the group with immediate effect
The Tenon deals sees the firm acquire the London, Epsom and Leicester. RSM Tenon have also bought the firm’s Thames Valley operations, which are insolvency-based. The deal comes less than six months after Tenon Financial Services merged with RSM Bentley Jennison.
RSM Tenon hit the headlines earlier this year when it was hit with a £700,000 fine for failings in its advice and sales processes for Lehman-backed structured products and also for failing to prevent unsuitable advice on structured product and pension switching. The fine related to the failings of Tenon Financial Services and occured before the merger with Bentley Jennison created RSM Tenon late last year.
RSM Tenon Group chief executive Andy Raynor says: “We have always admired the underlying businesses within Vantis, continuing to deliver outstanding client service to entrepreneurs despite the difficulties of the holding company. The resilience and skill of the people joining our teams is reflected in their loyal client following. This is a seamless fit with our own operations.”