Consolidator Fairstone has gained almost £700m in funds under management through its downstream buy-out model so far this year following the agreement of a sixth deal with a Lincolnshire-based advice firm.
MT Financial Management has joined Fairstone via its downstream buy-out model, which sees it take a stake in an advice firm before integrating and then purchasing it.
The deal will bring with it £180m funds under management and more than 500 clients, alongside five advisers and a gross fee income of £1.2m.
Lee Hartley, chief executive at Fairstone, said the consolidator's portfolio of acquisitions has so far outperformed targets by 15 per cent.
Mr Hartley added: "It is vital to have both a business and cultural fit with the companies who decide to join us and we are very pleased to have another company of this quality join Fairstone.
"MT Financial Management’s team of advisers and support staff will now be able to leverage the strength of Fairstone’s system efficiencies, which will benefit both the front and back office, saving valuable time for the advisers and ensuring clients continue to receive the very best financial advice."
Last month Fairstone gained £104m funds under management when it agreed a deal with Carlisle-based IFA Financial Concepts and £200m funds under management when it pushed ahead with its pipeline despite the coronavirus lockdown and on-boarded two advice firms.
Mark Hildred, principal at MT Financial Management, said: "Fairstone has a similar ethos to MT Financial Management, with a determination to service its clients to the highest possible standards.
"This ensures a seamless transition for our clients whilst offering an enhanced network of expertise...and it enables us to retain all our existing advisers and staff."
Earlier this year Fairstone confirmed it was honouring all bonuses and pay rises amid the coronavirus lockdown after cutting £1.4m in costs from the business.
The company also said it was not considering any redundancies as a result of the savings it had made through reducing non-essential spending across marketing, external consultancy and travel.
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