UK-based Verso Wealth Management has further accelerated its IFA consolidation strategy with the acquisition of CDC Wealth Management.

Financial details of the deal were not shared.

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Founded in 2006, CDC specialises in financial advice, planning and discretionary investment management services.

The firm, which has a team of 10 advisers, manages £150mn in assets.  

The addition of CDC is expected to help Verso expand its network and establish hubs in the north east to further build out it footprint across the UK.

CDC directors Phil Cain, John Dixon, Andrew Mann and Sue Butterworth will join Verso’s executive team and work with the company to bolster its presence in the north east.

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Mann will remain responsible for CDC’s investment proposition alongside the discretionary investment management team of Verso.

Verso chief executive Andrew Fay said: “With the support of our strategic partners, Cairngorm Capital Partners and their buy, build and transformation expertise, we are pursuing an ambitious IFA consolidation plan and accelerated growth strategy, to build a market leading, national wealth management group.

“CDC forms an important part of this.”

Mann added: “We [will] gain additional resources and enhanced technology, enabling us to leapfrog to the next generation of digital infrastructure painlessly.

“Pairing our expertise with Verso’s automated advice capability and straight-through-processing engine, we will be able to serve our existing clients better and importantly, broaden the types of clients we are able to serve.”

Verso is a digital wealth management group specialising in financial advice and investment management.

In January, the firm took over Liverpool-based Pavis Financial Management.