Consolidator Succession Wealth has purchased Investors Planning Associates, a UK-based financial advisory business, for an undisclosed sum.

The acquisition adds around £500m ($641m) in assets to the consolidator’s books, taking its total funds under management to £8.5bn.

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Founded by Maurice Manasseh in 1970, IPA has 1,750 clients along with 26 administrators and 18 planners, all of whom will be absorbed by Succession.

The addition of IPA clients will boost the consolidator’s customer base to 22,000.

Succession Wealth CEO James Stevenson said: “IPA has a significant number of professionals working in sport and entertainment who require specialist financial advice.

“Both our firms share a similar ‘distributed model’ structure, with planners operating across multiple locations in England and Scotland.

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“This means we can integrate and support IPA’s planners wherever they are based. I see a very positive future for IPA’s clients and staff within the group.

“Succession Wealth has a very strong transition and integration capability and is actively looking at large, quality financial advice firms for acquisition.”

IPA CEO Jo-Anne Smithson said: “Succession Wealth shares our ethos and our friendly, collaborative culture. It is a perfect fit.

“James and the team recognised at outset that the key to a successful integration was a combination of the people and the planning. All our staff are on side and the integration process is going very well.”

Succession acquired six financial advisory businesses in June this year, bringing over £8bn in assets, 2,100 clients and 16 financial planners.