Tenet has purchased wealth management firm Astute Financial Advisers, which manages more than £100m in assets under management.

The buyout of the Leeds-based wealth manager is part of Tenet’s strategy to expand its advice arm Tenet&You.

Astute will become a subsidiary of Tenet&You but will continue to trade under its own brand, Tenet said.

As per the terms of the agreement, Astute’s directors, Chris Hawkins and Marshall Bickler, will remain as advisers and help the ongoing development of the business.

Hawkins commented: “Tenet have been our network partner for over 20 years, so it was a logical decision and fit for both our clients and business.

“The buyout will enable us to focus entirely on helping our clients achieve their lifetime aspirations. We now have the security, resources and backing of Tenet to enable us to continue to grow whilst providing a good long-term advice proposition for our clients.”

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Tenet&You managing director Helen Ball said: “I’m pleased to welcome Chris and Marshall to the group.

“This acquisition offered a great opportunity to grow our business by adding two quality advisers to our team as well as a further £100m plus of assets under management.”

Astute has been a longstanding member of Tenet Network Services, the network business of Tenet.

Tenet renamed its in-house advice business from Aspire to Tenet&You last year.