Fairstone Group, a UK-based chartered financial planning firm, has concluded the acquisition of Leicestershire-based advice firm My Wealth Management.

Fairstone partnered with My Wealth three years ago under its downstream buyout (DBO) model. The model involves Fairstone take an initial minority stake in an advisory business and integrating the firm over a number of years.

The deal adds £140m in funds under management to Fairstone’s books.

Fairstone Group CEO Lee Hartley said: “We look forward to an ongoing relationship with the team, supporting their marketing, front and back office and client acquisition strategies in order to help them to grow the business.”

My Wealth Management focuses on investments, retirement and estate planning. The company is headed by Ian Morris and represents around 1,500 clients.

My Wealth Management independent financial adviser and financial director Ian Morris said: “We believe, that by integrating into the Fairstone Group structure, we will ensure our that clients will continue to receive a sustainable advice service from a modern and comprehensive client-centred proposition.”