Vertically-integrated national Tilney has acquired the wealth management business of accountants Moore Stephens.
Tilney, which operates both financial planning and investment management services, will take on 11 new staff and £340m in assets through a business transfer agreement with Moore Stephens.
The deal is the second the firm has signed around Christmas, having also announced the purchase of Midlands-based Index Wealth Management on Christmas Eve.
Tilney will take over operations Moore Stephens had across personal, corporate and trust clients.
Five London-based Moore Stephens advisers will make the move over to Tilney, including head of wealth management Stephen Humphreys and partner James Springham.
Humphreys says: “We are very excited to be joining Tilney and have been impressed with the firm’s depth of expertise in both financial planning and investment management. Tilney also has a lot of experience advising the clients of both accountancy firms and lawyers, so the understanding and cultural fit between our team and their businesses really is excellent.”
Tilney’s 2017 results showed a 68 per cent increase in revenue to £226.5m, as it said it would look to invest more than £15m in a new platform project.
Since then, hires and acquisitions have looked to expand its offering for high-net-worth and private clients.