The Tenet Group  

Tenet buys two advisers in regional drive

Tenet buys two advisers in regional drive

Tenet has acquired two of its member firms in an effort to establish a regional office in Nottinghamshire. 

The deals to buy Mansfield-based Ask Financial Management and Mansfield Financial Planning will add £25m of assets under management to the Tenet business. 

Andrew Shewen and Keith Bonsall, directors of Ask Financial Management, will join Tenet as part of the acquisition while Mansfield Financial Planning owner Andre Camilleri will retire from the business.

Mr Camilleri made use of the practice buy-out scheme launched by the Tenet network in January last year to offer its member firms an exit strategy for retirement.

Mark Scanlon, chief executive at Tenet, said: "These two acquisitions offered a great opportunity to grow our network of advice across the country, adding two quality advisers to our team as well as a further £25m of assets under management."

Following the acquisitions Tenet has established a regional office in Nottinghamshire, alongside those already in Northampton, Leeds, Edinburgh and Cardiff.

Last year the firm cemented roots in Preston, where it also acquired member firm Derbyshire Booth in April - Tenet's 13th practice buyout since January 2018 and one which added £26m in assets under management to Tenet's wholly-owned appointed representative Aspire Financial Management.

The advice market has seen increasing consolidation in recent years as a large number of advisers reach retirement and the burden of regulation begins to bite, with advice giant Quilter predicting earlier this year a quarter of advisers are set to leave the market in the coming years.

Last month Canada Life warned a fresh wave of consolidation was "primed to grip" the advice industry as it reacted to the growing pressures of regulation, economic volatility and cybercrime. 

rachel.mortimer@ft.com 

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