Old Mutual Wealth (OMW) Private Client Advisers has agreed to take over Shropshire-based Infiniti Financial Planning, which offers advice to nearly 700 households.

As part of the agreement, Infiniti will combine with newly-acquired local advisory businesses Premier Wealth to form the Birmingham office of OMW Private Client Advisers.

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OMW recently purchased Premier Planning and Premier Wealth that added £170m in assets to its Private Client Advisers’ portfolio.

Additionally, Infiniti managing director Kevin Speake will join the company as a regional director along with three advisers and additional support staff.

OMW said that its Private Client Advisers business will take Infiniti’s all liabilities for past advice.

OMW Private Client Advisers managing director Nigel Speirs said: “I look forward to working with Kevin and his colleagues as we bring together two exceptional financial planning businesses, Infiniti and Premier, to become part of Old Mutual Wealth Private Client Advisers.

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“At the same time I’m also really pleased we have been able to support the growth and development of new talent in the financial planning sector by giving five newly-qualified financial advisers a route into the industry.”

Commenting on the acquisition, Speake said: “Becoming part of Old Mutual Wealth Private Client Advisers is extremely exciting for me and the rest of the advisers and staff at Infiniti. I’m delighted to have the opportunity to work with Nigel, and the other regional directors and staff of Old Mutual Wealth Private Client Advisers.”