Quilter Private Client Advisers has strengthened its national advisory footprint with the acquisition of Prescient.
London-based Prescient is an advisory firm. It also has branches in Glasgow, Exeter as well as York.
The deal adds over £800m ($1.038bn) in assets under advice (AUA) to the acquirer’s books. Financial terms of the transaction were not divulged.
As part of the deal, Quilter Private Client Advisers will absorb 23 Prescient employees including eight advisers and three trainee advisers.
Meanwhile, Prescient managing director Chris Woodhams and director of risk Hugh Bance have retired.
“Our long relationship with Quilter, since the Skandia days, meant that this was a logical fit: the majority of our clients’ assets are held through the Old Mutual Wealth platform and we have worked with various technical specialists in Quilter in recent years,” Woodhams noted.
Quilter Private Client Advisers strategy and acquisitions director Dominic Rose calls Prescient a “fantastic fit”.
“We believe this acquisition reaffirms that our model is continuing to help business owners realise the value in their companies while delivering good outcomes for clients,” Rose stated.
Recent takeovers by Quilter
Last January, Quilter Private Client Advisers acquired Freedom Financial Planning and Stephen Spires Financial Consultants.
A month later, Quilter bought financial planning business Charles Derby.
In June 2019, Quilter Private Client Advisers purchased financial planning firms Petrus Financial Services, ROC Consultants and M.J.S Wilson.
In the same month, Quilter unit Intrinsic acquired advice business Lighthouse for £46.2m.