Lumin Wealth Management has bought Everett MacLeod, marking its second-ever purchase. The deal consideration was not divulged.

Everett MacLeod is a London-based IFA, managing over £45m ($59m) in assets. The addition of these assets will increase Lumin Wealth’s assets to £520m.

As part of the deal, Everett MacLeod director Mike MacLeod will join Lumin Wealth.

MacLeod, who has been working as a director at Everett MacLeod for more than 22 years, called the two companies “a great fit”.

“Both companies put the needs of clients first and the larger team provides a more stable and secure platform to provide them with long term support,” MacLeod stated.

MacLeod will continue to serve his existing customers.

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Lumin Wealth managing director Martin Cotter said: “By joining Lumin, Mike can continue to be an exceptional financial adviser, supported by enhanced resources and infrastructure allowing him to do what he does best – advising and building relationships with clients.

“We will continue to pursue further acquisitions in 2020 with businesses who align with our core principles and values and are already being approached by firms who are looking for a partnership which will allow their business to grow.”

Lumin Wealth’s first acquisition was Bedfordshire-based Hyperion Financial Planners. The deal, announced last April, added £85m in assets to Lumin Wealth.