UK-headquartered law firm Irwin Mitchell has acquired Cheshire-based TWP Wealth to expand its wealth management team.

The deal, whose financial terms were not revealed, is subject to regulatory approvals.

The deal is part of the legal firm’s strategy to expand its range of wealth management offerings available to clients.

TWP Wealth provides a spectrum of financial services and financial planning to both private and corporate clients.

Following the transaction, TWP’s current management team and staff will lead Irwin Mitchell’s wealth management arm.

They will collaborate with IM Asset Management, which currently provides financial planning and investment management services to support Complex Personal Injury (CPI) clients.

IM Asset Management currently oversees approximately £1bn in assets. The addition of TWP Wealth will add a further £100m to its assets under management (AuM).

Furthermore, the acquisition of TWP is also expected to expand Irwin Mitchell’s wealth services scale and capabilities to meet the needs of existing and new clients across the entire legal services lifecycle.

Irwin Mitchell Group CEO Andrew Tucker said: “We have a successful business, focused on delivering life-time value for clients. Our clients trust us with their legal services at a time of change in their lives or their business – whether through a personal injury or divorce, or they may have sold a business or be looking to secure their families future through estate and tax planning. 

“All of these events require financial advice and by bringing TWP Wealth on board, this gives us enhanced expertise for our clients, an increased client-base and further opportunities to cross-sell our legal services and meet their multiple needs.”

TWP Wealth managing director Mark Shotton said: “Irwin Mitchell is a really unique business with significant potential to build the brand beyond legal services and into financial planning and wealth management. “We’re excited to begin working with the team.”