Walker Crips has acquired London-based wealth manager Barker Poland Asset Management for £4.2m.
Barker Poland provides wealth management services on a predominantly discretionary basis, and has assets under management of £229m.
The deal will increase Walker Crips’ assets under management from £1.8bn to £2bn.
The acquisition is for an initial consideration of £265,000 in cash for Barker Poland’s net assets, plus a further £1.7m in cash and 440,771 shares.
A deferred consideration of £2m will also be payable over the next three years, if average annual revenues meet a £1.6m target over the period.
As a result of the deal, Walker Crips is taking on a team of five advisers from Barker Poland, led by managing director Geoff Wright and chairman Pat Barker.
Walker Crips says the acquisition will help give it the additional scale needed to meet its medium-term target of £5bn assets under management and administration.
Walker Crips chief executive Rodney FitzGerald says: “This is an important step in our continuing quest for growth, taking our assets under management and administration to £3.5bn and increasing the capacity of our London stronghold alongside our ongoing regional expansion.”
Barker says: “This is an exciting development for our business and particularly for our clients as we become part of Walker Crips, where our services will expand their existing offering.
“Walker Crips’ long-term heritage and financial stability will allow us to continue to do what we do best, namely managing clients’ money on a discretionary basis and providing our usual high levels of advice and service to clients.”