The acquisition is a part of the plan of Truestone to increase its private client wealth management proposition.
The acquisition amount will be paid through a mixture of cash and equity over two years, and it brings to an end a sales process for Argent that has lasted since it was put on the block in February 2012.
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The deal will lead to the funds under management of Truestone raise to around GBP360 million.
It was in June 2011 that Truestone had sold its employee benefits business to Helm Godfrey for GBP3.2 million, moving its team to the Helm Godfrey headquarters in London.
Argent Personal Financial Managers was formed in 2007 as a wealth manager and employee benefits consultant after it demerged from Argent Brokers Ltd.
Currently, the firm manages client investments on a discretionary basis and its flagship fully managed service held over GBP140 million of client monies as at March 2012.
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