Harwood Wealth Management Group, owned by Hurst Point Group, has purchased two independent financial advisers (IFA) for an undisclosed sum.
The newly acquired firms include D Heaton and Wealth Creation & Management, based in Newcastle-under-Lyme and Christchurch in the UK, respectively.
The deal has allowed Harwood to incorporate £100m of assets under advice (AUA), along with 400 clients and six new employees.
In addition, Harwood Wealth Management is set to be renamed as Argentis Group starting next week.
The renaming is anticipated to combine various divisions of the company’s financial planning business into one group, offering better clarity to its customers.
The name of Argentis is derived from one of Harwood Wealth Management’s earlier takeovers known as Argentis Financial Planning, which was the wealth unit of Arthur J Gallagher, reported Financial Times.
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Harwood Wealth Management bought Argentis Financial Planning in December 2020, representing the largest financial planning deal carried out by the company. The deal has enabled Harwood Wealth Management to add 5,000 new customers.
The company currently includes 100 IFAs with around £3bn AUA.
In March 2020, Hurst Point Group, a subsidiary of global equity firm Carlyle Group, bought Harwood Wealth Management Group for £91m.
Before the acquisition, Harwood Wealth Management Group obtained fund from Harwood Capital and was listed on London Stock Exchange’s Alternative Investment Market (AIM) segment in 2016.
With the latest deal, Harwood’s name is set to be changed after a transitional period.
Hurst Point Group managing director John White said: “As we return the Harwood brand, we are excited to build and grow under the Argentis banner.
“We have taken the time to develop a branding identity that represents our values and demonstrates what we bring to client relationships.”