Companies  

Foster Denovo buys corporate unit of London wealth manager

Financial adviser firm Foster Denovo has announced that it has agreed to buy the corporate division of wealth manager Barker Poland for an undisclosed fee.

Following the sale of its corporate division, London-based Barker Poland said it will focus on and develop its asset management business, which is operated through Barker Poland Asset Management.

Roger Brosch, chief executive officer of Foster Denovo, said the acquisition will bring clients, advisers and staff to the company’s London office.

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He added: “It is also an excellent fit with our existing employee benefits division, operating under the Secondsight brand, and I look forward to it becoming an integral part of our business.”

In its results in April, Foster Denovo reported that its turnover had risen from a little less than £18m in 2010 to £19.5m in 2011, with a profit before tax of a shade above £1m.

The firm has previously announced that it was seeking to acquire fellow advisory businesses and stated in October 2011 that it was particularly seeking to improve its footprint in the corporate pensions arena ahead of the introduction of auto-enrolment.

It added that it would look at a restricted advice offering for many clients post-Retail Distribution Review, which it said would be more ‘appropriate’ for some.