Independent Wealth Planners UK (IWP UK) has acquired Prosper Wealth Management, a chartered financial planning firm, for an undisclosed sum.

Prosper Wealth Management, which is headquartered in Wigan, Lancashire, was founded by David Barton in 2003. It specialises in retirement planning.

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The acquisition of the Lancashire IFA is IWP UK’s sixth regional sixth regional acquisition.

The deal raises IWP UK’s funds under management (FUM) to over £1bn, adding £170m FUM.

Prosper Wealth Management acquisition also secures gross fee income of over £1.35m per year for IWP UK.

IWP said Prosper, which will function as its main hub for the North West of England, will continue to be led by Barton.

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Its four advisers, six support staff, and 486 clients will transition to IWP as part of the deal.

Commenting on the deal, Barton said: “Having previously built Prosper both organically and through acquisitions, I completely understand the logic behind the IWP model. I had ambitions to grow Prosper Wealth significantly over the coming years, however to achieve this I really needed more support.

“My personal experience of going through the acquisition process with IWP has reassured me that they have both the resources and expertise to get the deals done.”

IWP CEO David Inglesfield commented: “I am thrilled that IWP has expanded into the North West of England with an offering to serve the people of Lancashire and Greater Manchester.

“David and his team have a fantastic reputation in their local community and are a great fit for IWP. I have every faith that they will do an excellent job in growing our presence across the North West region.”