Wealth consolidator Fairstone has acquired Lincolnshire-based MT Financial Management, which focuses on pension planning and investment management.
The deal was executed through Fairstone’s downstream buy-out model, which involves the consolidator taking a stake in the business to be acquired before its full integration.
Financial terms of the transaction were not divulged.
MT Financial Management principal Mark Hildred said: “Fairstone has a similar ethos to MT Financial Management, with a determination to service its clients to the highest possible standards.
“This ensures a seamless transition for our clients while offering an enhanced network of expertise.”
The deal, which is the sixth signed by Fairstone this year, adds £180m in funds under management (FuM) and more than 560 clients to the consolidator.
As part of the deal, five advisers and 11 support staff joined Fairstone.
Fairstone CEO Lee Hartley said: “It is vital to have both a business and cultural fit with the companies who decide to join us and we are very pleased to have another company of this quality join Fairstone.
“MT Financial Management’s team of advisers and support staff will now be able to leverage the strength of Fairstone’s system efficiencies, which will benefit both the front and back office, saving valuable time for the advisers and ensuring clients continue to receive the very best financial advice.”
Recently, Fairstone added £215m ($264m) in FuM to its books through the purchase of Goodman Chartered Financial Planners and East Devon Associates.