UK-based advisory firm Wren Sterling has closed the purchase of Woking-based IFA Frobisher Capital from parent Corimar Holdings, marking its fifth acquisition.

Financial details about the transaction were not revealed.

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The acquisition brings assets of nearly £68m ($89m) to Wren Sterling.

Wren Sterling CEO Ian Halley welcomed the deal, saying that it aligns with its plan of driving growth through acquiring firms with high quality assets.

As part of the deal, Frobisher adviser John Westlake will retire after a short handover with Wren Sterling.

Additionally, fellow IFA Murray Peterman joined Wren Sterling on a full-time basis.

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Halley noted: “John and Murray have built a great business with a loyal client bank, so I’m delighted to welcome their clients to Wren Sterling.

“John deserves his retirement after many years of guiding clients through the biggest financial decisions they will make and I know that our service will provide continuity and expertise for them and their families.”

Wren Sterling formerly operated as Towergate Financial and was rebranded in 2015 following a management buy-out.

The firm offers financial advice, investment advice and pensions advice. It has operations in London, Nottingham, Glasgow, Halifax, Warwick, Weybridge and Grantham.

It works with building societies and accountants, membership bodies, solicitors as well as insurance brokers to offer financial planning services to them and their employees, members and clients.

Last year, the firm acquired Dunfermline-based TD Armstrong Financial Planning.