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Close Brothers buys Eos Wealth Management

Close Brothers buys Eos Wealth Management

Close Brothers Asset Management has bought chartered financial planning firm Eos Wealth Management for an undisclosed sum.

Eos advises on over £300m of client assets and specialises in servicing high-net-worth clients, particularly in the media and sports industries.

As part of the transaction, which is subject to regulatory approval, all 28 employees of Eos will join Close Brothers.

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Andy Cumming, head of advice at Close Brothers Asset Management, said: “Its team of high calibre and ambitious advisers will complement our integrated wealth management offering perfectly and strengthen our presence in London.”

Eos was founded in 2010 by Sean Scahill, a fellow of the Chartered Insurance Institute, and Peter Kelsey.

Mr Kelsey, a chartered financial planner, expressed the importance of finding a buyer which had its clients’ best interests at heart.

“Close Brothers Asset Management fits the bill perfectly. The company’s professional approach closely aligns with our own, and our clients will benefit from Close Brothers’ rigorous and successful approach to investment management.”

In March Close Brothers reported a 60 per cent increase in inflows into its asset management business for the six months to January 31 this year.

Its last acquisition was Edinburgh-based charter financial planning firm Mackay Stewart & Brown for an undisclosed sum in April 2015.

Martin Andrew, chief executive of Close Brothers Asset Management, said: “We are committed to building a market-leading integrated wealth management business and are keen to augment our strong organic growth with selective, high-quality acquisitions.

“The acquisition of Eos Wealth Management fits perfectly with our strategy,” he added.