Advisory firm Newell Palmer has wrapped up the acquisition of Moneyfax fps, a Worcester-based wealth management firm, for an undisclosed sum.

Incorporated in 2004, Moneyfax provides financial planning advice and wealth management services in surrounding areas.

The transaction, which is Newell Palmer’s first acquisition this year, adds £20m in funds under management to the firm’s books.

A total of 80 active clients will join Newell Palmer as part of the deal, and will be served by the firm’s Bromsgrove office.

Newell Palmer finance director Kevin Homfray said: “This acquisition will strengthen the presence of our Bromsgrove business across Worcestershire and the surrounding areas. With the introduction of Mifid II and the GDPR deadline closing in, it’s making it difficult for firms to continue operating and servicing their clients to the high standards they expect.

“I’m pleased that we have been able to offer a satisfactory solution to Moneyfax and would like to wish Paul all the best for the future.”

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