Wealth manager Quilter has purchased Charles Derby, a UK-based financial planning business that was a member of Quilter’s advice network.

As part of the deal, more than 200 financial planners will move to Quilter’s national advice business this year.

Financial terms of the transaction were not revealed.

Quilter CEO of advice businesses Andy Thompson said: “Charles Derby offers us a great opportunity to further grow our successful national advice business.

“It has been part of the Intrinsic network since launch, making it an excellent cultural fit and a strong basis for our developing national advice business.”

Quilter’s Darren Sharkey will now serve as managing director, with oversight for Charles Derby, and Quilter Private Client Advisers- the advice business of Quilter serving HNW clients.

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Charles Derby chairman and CEO Chris Fautley said: “Within Charles Derby we are proud of the growth in customer and adviser numbers we have achieved over the last three years and the acquisition by Quilter offers an exciting opportunity for us to accelerate this growth further.

“This acquisition allows us to continue to deliver high quality consistent advice from a trusted brand while also enabling us to build and expand our current services.”

The latest deal comes shortly after Quilter’s acquisition of Freedom Financial Planning and Stephen Spires Financial Consultants.