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Tenet adds £80m with wealth manager aquisition

Tenet Group has completed a practice buyout of Preston-based wealth manager Elementum.

The firm has been in the Tenet network since 2006.

Elementum directors Peter Pearson and Martyn Slater will remain with the firm until the transition process is complete.

The firm will continuing trading as its own brand and becomes a subsidiary of Tenet advice company Aspire Financial Management.

The acquisition is expected to add £80m of funds under management and follows Tenet’s purchase of sole-adviser firm Blackmore Vale in May.

Tenet chief executive Martin Greenwood says company buyouts can benefit both parent firms and those looking to sell up.

He says: “Succession planning is traditionally a tricky issue for advisers, who want to realise the value they have built up within their firm at the same time.”

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