Exeter-based Shipman Group has bought MHA Monahans Wealth Management from chartered accountants MHA Monahan as part of its expansion in the South-West.
Shipman Group is a firm of independent financial advisers, based in Exeter and founded in 1935. It has also joined forces with a number of regional IFAs which collectively are called Amber River, previously known as Socium Group.
Socium, whose chief executive is Mary-Anne McIntyre - former head of Openwork - has a five-year plan to build a 300 adviser-strong business.
As part of the deal, the newly rebranded Shipman Monahans Wealth Management will continue to be based at the Bath, Swindon and Trowbridge offices.
All 27 members of staff will remain in place, with Simon Ewings continuing as managing director.
Peter Ellis, chief executive officer at Shipman Group, said: “I’m delighted to welcome Simon and the team at MHA Monahans Wealth Management into the group. This is another significant milestone for our business, made possible as a result of the funding and guidance of Mary-Anne and the team at Amber River.
“With their backing and support we have been able to attract another highly-respected firm of IFAs to the Shipman Group. This brings development opportunities to our combined staff, proposition improvements and wider choice to existing clients and an opportunity for more people in the South West to benefit from market-leading independent financial planning services.”
The acquisition will also see the business retain its relationship with the team at MHA Monahans Accountants.
Simon Tombs from MHA Monahans Accountants said: “In Peter and the wider team at Shipman and Amber River, we have been lucky to find a partner with a focus and dedication to client outcomes similar to our own.
“We are thrilled with the outcome of the deal and the way it has been done, securing what I believe will be an exciting opportunity for the team and an enhanced service proposition for their clients.”
The deal completed on January 5 and was the second acquisition by Shipmans following the acquisition of Exeter and Plymouth based Cathedral Financial Management at the start of 2021.
The group has now grown to 25 advisers based across five locations.
The IFA firm said this latest acquisition is continuing the development of its plan to create a significant regional hub to support clients in the South West.
sonia.rach@ft.com
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