Adviser consolidator Succession Group has snapped up Affinity Independent Management and Affinity Independent Schools Consultancy in a cash and stock deal worth over £5m.
The deal will add £150m in funds under management to Succession’s portfolio.
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Succession Group CEO Simon Chamberlain said: “We will build out this specialist education advice arm though our strong regional presence, actively recruiting experienced wealth planners with the drive and commitment to provide a wealth planning service for professionals.”
Buckinghamshire-based Affinity offers specialist wealth management services to private individuals, business people as well as independent schools.
Affinity managing director Doug Muirhead said: “We focus on building long-term and valued relationships with our clients, and understand first-hand the responsibilities and influences that shape an educator’s financial decisions.
“Our clients will benefit considerably from the additional scale and professionalism that Succession provides.”
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By GlobalDataThe latest deal follows Succession’s acquisition of Birmingham-based Clay Rogers & Partners for more than £10m last month. Succession intends to acquire the best 50 firms from its affiliated membership by the end of 2017.
In June 2016, the group received an investment package of more than £25m from HSBC and its existing shareholders to support its expansion strategy.
