Former Quilter directors Dominic Rose and Nigel Speirs are planning to establish a wealth management firm with backing from Cabot Square Capital.

The duo have already purchased London-based boutique firm MKC Wealth and is in the process of finalising another takeover.

They plan to expand the business through a number of additional acquisitions. The acquired entities will be integrated into MKC Wealth.

Rose, who was previously strategy and acquisitions director at Quilter Private Client Advisers, will lead the new business as CEO while Speirs will become the executive chair.

Speirs was formerly a managing director at Quilter Private Client Advisers.

MKC Wealth owner Barry Cunningham will continue with the firm as director of client services.

All employees of the new firm will become its shareholder. Staff remuneration, including that of CEO, will be based on the feedback from the client.

Rose commented: “These businesses have two assets: clients and staff. We are going to be making acquisitions, but we will not be racing for scale like others in the sector to the detriment of these assets.

“We see ourselves as a smaller, client centric, alternative to the large traditional consolidators.”

Commenting on the latest deal, he added: “We picked MKC as the platform for growth because of its track record, unique culture and client focused approach.”

Cabot Square Capital investment director Freddie Athill said that MKC deal forms an ideal foundation for Dominic and Nigel’s growth strategy.

Athill said: “They bring a huge amount of experience from their previous senior positions at major consolidators, and this is the opportunity to apply that in today’s world with a high-quality starting platform and no legacy issues.”