Old Mutual Wealth-owned advice network Intrinsic has acquired a minority stake in Charles Derby, its largest member firm.

Charles Derby has over £1.3bn of assets under advice, employs 350 financial advisers, and serves more than 70,000 customers across the UK.

The deal will not “materially impact” the day-to-day working relationship between Charles Derby and Intrinsic, a statement said.

“Support from Intrinsic offers Charles Derby the stability and security of closer collaboration with one of the industry’s leading adviser networks,” the statement added.

Commenting on the deal, Charles Derby chairman and CEO Chris Fautley said: “In Intrinsic, we have secured the continued backing of a business with the necessary scale to support a national financial planning firm of our size.”

“Today’s announcement guarantees some level of continuity and stability and will help Charles Derby continue to deliver for all our clients, staff and advisers.”

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Intrinsic CEO Andy Thompson commented: “The network’s practice buyout scheme will continue to support businesses within the network to pursue their own acquisitive growth strategy.”

“Today’s announcement represents an extension of that commitment to invest in the future of the industry, offering the network’s largest firm, Charles Derby, the opportunity to realise an investment in their business which will allow them to continue their growth journey,” Thompson added.

The move follows Intrinsic’s decision to acquire financial adviser network Caerus for an undisclosed sum early this year.