Astute Private Wealth has taken over the client assets of Knutsford-based Optimas Financial Planners, adding £65m of FUA to its books.
The acquisition is the 11th deal of Astute, which has offices in Chester and Liverpool.
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The companies have not made the deal value public.
Launched in 2010, Astute focuses on face to face financial planning as well as investment management.
The business serves HNW and mass affluent clients in the north west. It has prioritised organic growth as well as acquisitions since its inception.
Astute director Gary Lee said that the latest deal makes “strategic sense”.
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By GlobalDataLee stated: “Our cultures are well-aligned, and we’re delighted to bring Cathryn into the team, giving clients continuity alongside access to our in-house experts.
“Gunner & Co. did a great job identifying a strong fit to our business model.”
Optimas co-director Alan McLaughlin will retire.
Fellow co-director Cathryn Jones has moved to Astute and will take on some of the clients of McLaughlin.
Cathryn noted: “Alan and I are really happy to have found a partner who values client service, outcomes and relationship as much as we do.
“Alan is comfortable his clients will be well looked after here, and I’m excited to start a new chapter of my career with Astute. “
Recent M&A deals in the UK
Consolidation activities have been rife in the UK financial services sector this year.
The most recent is Tilney’s acquisition of its rival Smith & Williamson, which creates a £47bn asset manager.
Other recent deals include Wren Sterling’s acquisition of Frobisher Capital, and Carnelian Capital’s purchase by Independent Wealth Planners UK.
Meanwhile, the merger of wealth tech firms FNZ and GBST has hit a roadblock over competition concerns.
