UK-based wealth manger Pool House Professional Advisers has purchased DC Wealth for an undisclosed sum.
The acquisition is expected to boost Pool House’s funds under management to £175m, reported Birmingham Post.
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The purchase will enable DC Wealth to be directly authorised under the Financial Conduct Authority (FCA).
Following the acquisition, DC Wealth will operate from Pool House’s offices on Dam Street.
Pool House Professional Advisers director Jonathan Hovers said: "The acquisition of DC Wealth adds to our growing portfolio of clients and strengthens our offering with further expertise and resources under one roof.
"IFA firm acquisitions have become more prevalent since the planning and implementation of the FSA’s Retail Distribution Review (RDR), which really rung the changes on how the retail investments industry works," Hovers added.
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By GlobalDataDC Wealth founder David Collins said: "Sharing resources, systems and intelligence will enhance the already high levels of service we endeavour to deliver to clients."
