Advisory firm Newell Palmer has snapped up The Acumen Investment Partnership, a Macclesfield-based independent financial adviser, for an undisclosed sum.
The deal is Newell Palmer’s 50th acquisition since its inception 25 years ago and its 17th in collaboration with brokerage firm Boston Bailey Group.
The transaction adds £35m in funds under management to Newell Palmer’s books. Total funds under management at Newell Palmer currently stand at more than £2bn.
Acumen senior partner Nick Cosby will retire after spending two decades at the business, where he served clients in Cheshire and surrounding area.
“As my retirement approached I knew that I had to look for a successor to take on the firm that I have spent a large part of my career building. With Newell Palmer’s size and extensive resources I am confident that my clients will be well looked after, and I would like to thank Kevin and his team for making this a smooth transition.”
The acquired entity’s 119 clients will now be served by advisers at Newell Palmer’s Wolverhampton office.
Newell Palmer finance director Kevin Homfray said: “Nick’s firm aligns perfectly with the way we do things here at Newell Palmer and our Wolverhampton advisory team look forward to meeting and advising their new clients.”