Old Mutual Wealth Private Client Advisers has bought West Yorkshire-based financial planning firm Beaumont Robinson for an undisclosed fee.
The financial planning business was launched by Old Mutual Wealth last year with the opening of a new Chester office.
Its latest acquisition brings more than 850 clients and around £250m in assets under advice into the Private Client Advisers business.
Beaumont Robinson managing director Michael Wall will take on the role of regional director for Old Mutual Wealth Private Client Advisers.
Old Mutual Wealth Private Client Advisers’ managing director, Nigel Speirs, said: “I am really looking forward to working with regional director Michael Wall and the rest of the team as we embark on an exciting journey together at Old Mutual Wealth Private Client Advisers.
“This is another important milestone as we aim to grow a wealth management business designed to deliver great customer outcomes by combining Old Mutual Wealth’s stable of investment, platform and advice solutions.”
Beaumont Robinson was established in 1971 and is based in Shipley near Leeds.
Its staff and management will remain with the business and support its transition into Old Mutual Wealth Private Client Advisers, which will see it adopt the centralised investment proposition and align its processes.
Beaumont Robinson chairman, David Cubitt, said: “Joining Old Mutual Wealth Private Client Advisers is an exciting step for this business and will allow us to grow and develop with the support of a national advice offering.
“It was crucial for us to find a partner that could ensure our clients would continue to receive the highest quality wealth management and financial planning service available and we’re delighted to have found that with Old Mutual Wealth.”
The acquisition is subject to regulatory approval.
In June Old Mutual bought Devonshire-based financial planning firm DQS Financial Management, adding an extra £200m in assets under advice to Private Client Advisers.
Speaking to FTAdviser last month, Richard Freeman, OMW’s chief distribution officer, said the company’s advice network will probably grow at a slower rate moving forward with more focus given to its private client business.
Speaking after the acquisition of Beaumont Robinson Mr Freeman said: “At Old Mutual Wealth we have made a firm commitment to invest across the entire financial planning industry.
“Building our own-brand wealth management offering through the Private Client Advisers business is another important example of our commitment to growing the footprint of face to face advice across the UK.”
