Financial planning firm Fairstone Group has purchased Devon-based advice firm South West Financial Planning for an undisclosed sum.
The acquisition will add £50m of funds under management to Fairstone, bringing the total FuM for the group to £2.1bn.
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As part of the deal, over 3,000 clients will join the firm’s existing portfolio of 30,000, while ten advisers will add its growing adviser base of about 240.
The transaction aims to boost Fairstone’s operations within the South West.
Fairstone said that it uses ‘Downstream Buy-Out’ model to acquire firms. The model enables firms to fully integrate with the group’s systems over a period of time.
South West Financial Planning director David Roberts said: "We note a real commitment within Fairstone to create a financial services organisation that stands out from the crowd. The firm and its employees are committed to quality, and this is clear from their investment into the Fairstone Academy, dedicated to the professional development of advisers."
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By GlobalDataFairstone CEO Lee Hartley said: "We’re delighted to welcome South West Financial Planning to the Fairstone Group. The team represents a great cultural fit with us, and we’re looking forward to working together to grow our combined client base over the coming years.
"Fairstone has seen very significant growth over the past few years, both organically and through acquisition. Since 2011, 35 advisory firms have joined the business and it continues to seek high quality financial services companies to partner with and ultimately acquire."
