Financial planning and wealth management provider Finitor Wealth has acquired two adviser firms, Ascent Financial Consulting and Financial Management Bureau (Fmb) for an undisclosed amount.

Based in Leamington Spa, England, Ascent Financial Consulting is a three-member adviser firm. It has £190m of assets under advice (AUA).

FMB is based in Cumbria, England and handles over £250m of AUA. The second-generation family business is looked after by a team of eight advisers.

The new deal, which was supported by a funding from Rockpool Investments, has facilitated the management buy-out and acquisitions of both the firms.

It has added more than £1.1bn in AUA, with aim to expand the business during the period of Rockpool’s investment hold.

Rockpool investment director Ben Hutchinson said: “The Finitor team has created an exceptional foundation from which to grow, offering a differentiated, true partnership approach to regional firms.”

For the latest transaction, the company received advice from Stephenson Harwood, PKF Francis Clark, CIL, Catalysis Advisory and Claritas Tax.

Finitor Wealth CEO Paul Stokes said: “Finitor Wealth are delighted to have raised investment with Rockpool.

“Their team are aligned with our partnership philosophy and this investment has allowed us to grow through the exciting addition of two high quality firms, Ascent Financial Consulting and FMB.

“We look forward to continuing to work with Rockpool during the next phase of our plan.”

Established in 2018, Finitor Wealth claims to serve more than 3,000 clients with £750m of AUA.

The company provides individuals, families and businesses with independent financial planning advice and other related services in the UK.

It operates under the leadership of its founders, Paul Stokes and Richard Rhodes (CFO). Kevin Ronaldson has been serving the firm as the chairman of the company.