The deal enables Skerritts to add £62m in assets under management (AUM). Credit: Herm from Pixabay.

Wealth management firm Skerritts Group has bought Kent-based Equinox Wealth to boost its presence in the south coast of the US.

The deal adds £62m to Skerritts’ assets under management (AUM).

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This is the fifth acquisition made by Skerritts since it received an investment of £55m from British private equity firm Sovereign Capital Partners.

The investment, which was announced in March, 2021, was aimed at supporting Skerritts’ growth.

Skerritts CEO Richard Skerritt said: “As part of our strategic plans to increase our presence in the South East, adding a high-quality firm such as Equinox Wealth to the group enables us to increase our presence in Kent and adds Conrad and Jen to our great team of people.”

The latest deal also follows the takeover of Bradbury Hamilton, an independent financial advisory (IFA) and wealth management provider, by Skerritts in September 2022.

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This acquisition along with the three other purchases carried out by the firm last year added around £560m of AUM to Skerritts.

Equinox Wealth director Conrad Whittingham said: “After 15 years growing a successful business and looking to plan for the next 15 years, we have made the decision that we need to be part of a larger group, with the extra resources and benefits to clients that this can bring.

“Skerritts has shone through as the perfect like-minded partner for us and will help us to invest in and grow the business going forward, enabling us to offer our clients an even higher level and breadth of service.”