Tavistock Investments has agreed to acquire County Life & Pensions, a financial advisory business, as well as Blacksquare, a UK-based investment management business.
Following the acquisition, County Life & Pensions will be rebranded as Tavistock Partners and Blacksquare will will be rebranded as Tavistock Wealth.
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Tavistock said that it has valued County Life & Pensions at £7.3 million.
Under the deal, Tavistock will bring in additional capital into Blacksquare to cover its ongoing regulatory and working capital requirements.
Through the purchase of County, that owns Sterling McCall wealth management, Tavistock plans to develop a national network of self-employed advisers. The network will deliver cost effective investment solutions to the retail market.
The acquisition comes as part of the firm’s plans to build a national advice network.
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By GlobalDataThe Sterling McCall wealth management network will allow Tavistock to provide IFAs with compliance and investment infrastructure as well as a guarantee to buy their business from them when they retire.
Additionally, Blacksquare will manage model portfolios for the clients of financial advisory firms.
Furthermore, Stephen Moseley will become the business development manager of the network.
Brian Raven chief executive Tavistock said: "Both County and Blacksquare share our commitment to strong corporate governance and best practice. Their commitment to our strategic vision is best illustrated by both sets of shareholders accepting only shares rather than cash."
