Ascot Lloyd has bought an IFA firm specialising in pension transfers on the south coast as it continues to build its national presence.
Harvard Financial Management in Christchurch, Dorset, was acquired for an undisclosed sum.
Richard Dunbabin, chief executive of Ascot Lloyd, said the acquisition is in line with his company’s strategy of increasing its national presence, and will allow it to enhance the service offering in the south of England.
“This is a strategically significant acquisition, which complements our proposition with considerable expertise in specialist areas of advice such as pension transfers,” he stated.
“We remain acquisitive and will continue to look for similar businesses that can contribute to our mission of building the UK’s leading national IFA firm.”
Harvard specialises in providing pensions, investment, wealth management, financial planning and life insurance services to private clients. It has £89m in assets under management.
A number of Ascot Lloyd financial advisers will now join the nine Harvard staff currently based in Christchurch.
Mark Werner, managing director of Harvard, said the move will help achieve economies of scale by utilising Ascot Lloyd’s back office and central functions, freeing up more time for advisers to focus on what they do best.
“I look forward to working with our new, larger team to develop our business through a new period of growth,” he added.
Last month Ascot Lloyd received a seven figure sum from Clydesdale Bank to fund acquisitions and growth.
The advice firm manages client assets of more than £2bn and has more than 175 staff based in 10 locations across the UK, including offices in London, Manchester, Wokingham, Cardiff, Harrogate and Wolverhampton.
Ascot Lloyd has also recently bought The PFP Group to further expand its portfolio of wealth management services.
