Acquisitive wealth manager Attivo Group has added £16m worth of funds under management with the first of 12 planned advisory firm purchases this year, its chief executive has said.
Stephen Harper said the purchase of Reading-based Sanderson Financial Consultancy would help Attivo Group to build on the pace of growth set in 2014.
Last year, Mr Harper disclosed his intention to make 12 acquisitions in 2015, continuing the ambitious growth of the Group to reach the target of £1bn FUM, with plans to double this figure by 2017.
He said: “The acquisition of Sanderson is the first business past the post this year but we have a number of other IFA businesses at due diligence stage and I expect to make further announcements shortly.”
Sanderson, a wealth management IFA, has 190 active clients and a recurring income of more than £130,000 a year.
Kim Barrett, owner of Bishops Herts-based Barretts Financial Solutions, said: “I don’t think hitting this so-called acquisition trail is a good idea at the moment. When buying a client bank, there are some big concerns. Getting some advisers to come up with evidence of their trail, believe it or not, is a nightmare.”
Cheltenham-based Attivo Group was founded in 1998 and currently controls more than £500m funds under management, administration and advice.
Last year the firm disclosed a three-year plan to increase this figure to £2bn, after it bought six businesses in 2014.