Lumin Wealth Management has snapped up Bedfordshire-based Hyperion Financial Planners for an undisclosed sum.

The acquisition is the first for Lumin Wealth and adds £85m in assets to its books.

Lumin Wealth now has £400m in total assets under management.

As part of the deal, Hyperion director and adviser Michael Barnett, a senior paraplanner and another financial adviser will join Lumin Wealth.

Commenting on the transaction, Barnett said: “Throughout the process of finding a suitable buyer for our business we were clear that our clients were of paramount importance.

“From the first meeting with Lumin Wealth it was obvious they were the right partner and we have been delighted with the straightforward approach of the Lumin team throughout the process of agreeing a transaction.”

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The transaction is expected to be wrapped up on 8 April 2019.

Lumin Wealth managing director Martin Cotter believes that the firm is “a strong alternative to the national consolidators for advisers that want to retain a more personal involvement and entrust their clients to a high service proposition”.

Cotter said that the firm had been seeking firms for takeovers for 18 months, adding that the latest deal would offer a template for more purchases.

Lumin Wealth offers financial planning and investment management services for UK individuals, corporates, trusts, as well as charities.