Consolidator Fairstone Group has purchased Pensions and Wealth Management Services (PWMS) for an undisclosed sum.

PWMS focuses on the management of investment and retirement portfolios. It has one branch in Hertfordshire and West Lancashire each.

The acquisition was carried out under Fairstone’s downstream buy-out (DBO) model.

PWMS company principal David Halsall said: “We felt the Fairstone proposition was quite unique in its construct and provides an outstanding support framework that takes care of all the business quality and regulatory requirements.”

The transaction adds around £200m in funds under management to Fairstone’s books and increases its client base by 400.

A total of four advisers and four support staff from PWMS migrated to Fairstone as part of the deal.

Fairstone CEO Lee Hartley said: “PWMS has a reputation for excellent client service which makes the firm a strong cultural fit with Fairstone.

“This marks a great start to the year and reinforces our intent to partner with the highest-quality firms who share our culture as well as our commitment to ensuring client interests are never compromised as a result of a sale.”

Recent acquisitions by Fairstone

Earlier this month, Fairstone snapped up Norfolk-based Hamlyn Financial Services, Essex-based Andrew Cohen Associates, and Dundee-based Findlay & Company under its DBO programme.

The consolidator also wrapped up the acquisitions of Darlington-based Belasis IFA and Allensons in Wokingham.