Quilter Private Client Advisers has acquired financial planning firms Freedom Financial Planning and Stephen Spires Financial Consultants, based near Manchester and Reading respectively, for an undisclosed amount.
The acquisitions are expected to add approximately £130m to Quilter Private Client Advisers’ assets under management (AUM).
Under the arrangement, Stephen Spires Financial Consultants’ director Stephen Spires will also retire following the completion of the deal. Andy Nevett, managing director of Freedom, will also retire after the acquisition.
The customers of Stephen Spires Financial will now be served by Quilter’s London team, while clients of Freedom Financial Planning will now be serviced from the Quilter advice firm’s Chester office.
Freedom Financial’s financial planning director Nick Heys will join Quilter as a financial planner.
Commenting on the deal, Quilter Private Client Advisers strategy and acquisitions director Dominic Rose said: “Both these firms align well with our client service proposition and we look forward to continuing to deliver the exceptional service to which the clients are accustomed. We will build on the great work Stephen and Andy have done and wish them well in their retirement.”
The acquisitions of Freedom Financial Planning and Stephen Spires Financial Clients come after Quilter made 11 acquisitions in 2018.