UK-based Ascot Lloyd Financial Services has merged with wealth manager PFP Group to form a nationwide wealth management firm.

Called Ascot Lloyd, the combined business will have £2.2bn in client assets and 168 staff across 10 UK offices.

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The merged entity will offer financial planning services for personal and corporate clients incorporating the use of protection products, investment products, pension planning and tax planning.

Additionally, Ascot Lloyd has also purchased PFP Benefit Solutions, which provides pensions administration and employee benefit services, to enhance its employee benefits division.

Ross Hyett, managing partner of the PFP Group, will join the board of Ascot Lloyd as a part of the deal.

Ascot Lloyd has offices across the UK including London, Manchester, Wokingham, Cardiff, Rickmansworth, Harrogate and Wolverhampton.

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Ascot Lloyd CEO Richard Dunbabin said: "Ascot Lloyd and the PFP Group are very closely aligned and the combined firm will benefit from synergies through pooling resources and professional experience.

Ascot Lloyd managing director Pat O’Hara said: "The strengths and service offerings of both businesses complement each other perfectly and will allow us to extend the range of services and investment solutions to a broader client base.

"The growth in our employee benefits offering, including PFP’s Master Trust facility, will result in significant additional opportunities for both the private client and corporate client sides of the business."

Ross Hyett said: "Joining Ascot Lloyd will allow us to expand and develop the range of services we offer, creating exciting opportunities for clients and staff."