South Africa-based wealth management firm Alpha Wealth has acquired a majority stake in UK-based advice firm Holborn Financial.

The deal, whose financial details are unknown, is part of Alpha’s strategy to expand its UK footprint.

Founded in 1988, Wimbledon-based Holborn Financial advises some 150 business owners and private clients with around £150m of assets under influence.

The firm has a team of three advisers and five support staff.

Alpha Wealth CEO Kerry Fynn said: “We are delighted to be able to partner with the team at Holborn Financial and this acquisition marks the beginning of a new and exciting chapter for both of us as we collaboratively grow the business.

“Alpha has decided to expand its UK presence through this acquisition to support the growth of Holborn Financial and we are very pleased to be on this journey with the Holborn team.”

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Holborn founder Emyr Blease will remain in his current role as managing director.

He will be joined by former Quilter Private Client Advisers managing director Nigel Speirs as chairman.

Blease commented: “We have built up a successful business advising discerning private clients, individuals who run and manage their own business and those in or seeking a comfortable retirement.

“We have the same values as Alpha, primarily providing excellent levels of personal service. We look forward to growing our business both organically and through acquisition.

“Alpha’s expertise, resources and support will be fundamental to the successful roll out of the merged firms.”

Established in 2005, Alpha Wealth has offices in Johannesburg, Cape Town, Durban, London, Geneva and Mauritius.

The firm oversees more than £550m in assets.