Solomon Capital, which is backed by US private equity firm JC Flowers, has bought multi-office advice company Gale and Phillipson for an undisclosed amount.

Established in 1988, Gale and Phillipson operates as an independent financial planning and investment management company.

With a team of 34 advisers, the company claims to manage assets and financial activities of more than 3,500 clients.

The company, which is based in Yorkshire, has branches in London, Newcastle, Richmond and Northallerton.

Its discretionary fund management arm has approximately £500m of asset under management and £900m of additional asset under advice.

This is the second acquisition made by Solomon Capital, which plans to develop a combined national advice and wealth management enterprise that aims to cater to more than 50,000 customers throughout the UK.

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Following the completion of the deal, Solomon Capital is expected to assume complete ownership of Gale and Phillipson.

The CEO of David Carr will become a member of the executive team at Solomon Capital, stated the firm.

Carr said: “This is a momentous day for everyone at Gale and Phillipson and the thousands of clients we are so passionate about serving.

“What the team at Solomon has planned will set new standards in the UK advice and wealth management sector and it is testament to the strength of our business and talent of our team.”

In June this year, Solomon Capital reached a deal to acquire advice firm Beaufort Group.

As part of the deal, Solomon Capital would take full control of Beaufort Financial, along with its discretionary fund management unit, YOU Asset Management.