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Foster Denovo merger will lead to adviser growth

Foster Denovo merger will lead to adviser growth

The merger of two divisions at Foster Denovo will lead to a growth in clients and advisers, the company has said.

The national advisory firm has merged its Charity Solutions employee benefits offering into Secondsight, the company’s dedicated employee benefits division.

Foster Denovo Charity Solutions, built from an acquisition last year, has supported a large number of organisations across the third sector for more than 10 years, offering advice on employee benefit and pension needs.

The merger means that in total, Secondsight now works with more than 400 charities and businesses, according to a statement on Foster Denovo’s website.

A spokesman for the company said it would lead to further growth of the Secondsight division in terms of increased clients and adviser numbers.

Roger Brosch, chief executive of Foster Denovo, said the time had come to maximise benefits to both corporate and charity clients.

“It therefore made complete sense to combine the two separate employee benefit teams into one, under the Secondsight brand.

“Our acquisition of the Charity Solutions business last year supports our intent to concentrate and invest in further acquisitions to drive growth in the future,” he stated.

“We continue to invest in innovation across the entire business to deliver best practice for our clients and this merger will support our efforts in creating efficiencies, as we work towards growth.”

In March, Mr Brosch said he was in talks with five or six firms and the business was in a strong balance sheet position to make acquisitions, adding it needed grow this way as it has struggled to individually hire quality IFAs.

Foster Denovo was established in 2005 and completed its buyout from the Tenet Group in 2007.