Salisbury-based Barchester Green Investment has been snapped up by Castlefield Capital for an undisclosed sum.
Castlefield Capital, headquartered in Manchester, already owns one ethical IFA, after buying Manchester-based Gaeia in 2011. The two ethical IFAs’ combined assets under advice will be £350m.
Castlefield is an employee-owned business managed “for the benefit of current and future generations of clients and employees”. It manages investments on behalf of charitable organisations alongside its ethical advice arms.
Jonathan Clark, director and adviser at Barchester Green, told FTAdviser that the acquisition has “brought three different companies together”.
He said: “We are not merging. Castlefield now owns two ethical IFAs who have communality in approach but we are different firms underneath the Castlefield wing.”
Mr Clark said the year has almost been a year in the marking, after recieving the first phone call on 1 August, adding that the deal will mean that Barchester will be able to develop further.
He said: “Barchester has nine registered individuals and it is looking to attract more ethical advisers.
“[Prior to the deal] three of us were financial advisers without having the back up management. We always loathed not seeing our clients and we will now have a stronger management in place which means people will be thinking about the development of the business.”
Olivia Bowen, a director of Gaeia, added: “I’m delighted that Castlefield’s commitment to ethical financial advice and investment continues to grow.
“We believe that together, Gaeia and Barchester Green will form the largest ethical and environmental advisory team in the UK and, as market leaders, will be in a strong position to promote and serve the increasing consumer demand for responsible investment.”
John Eckersley, Castlefield chief executive, said: “This acquisition is good news for our existing clients, who will have access to even more specialist advice and expertise but, it is also good news for those consumers who are looking for responsible investment advice.
“Together, both teams will have a greater impact and will be able to give the ethical investment sector a higher profile and a stronger voice. It will strengthen our ability to engage with ethical consumers and make it easier for them to access an alternative to traditional financial advice.”
