Accountancy firm MHA MacIntyre Hudson has expanded in the advice market by buying a majority stake in wealth manager and IFA Cave & Sons.
As part of the deal, which has been approved by the Financial Conduct Authority, Cave & Sons will be renamed MHA Caves Wealth.
Cave & Sons was founded in 1906 and specialises in the provision of discretionary and advisory wealth management and of independent financial advice.
MHA MacIntyre Hudson said the deal will form the basis of a “lasting partnership” and a "springboard for future expansion", with Caves Wealth’s investment managers and financial advisers collaborating with the private wealth client teams.
Rakesh Shaunak, chairman of MHA MacIntyre Hudson and MHA, said: “Increasingly owner-managers and high-net worth individuals want to see a comprehensive and fully integrated range of advisory and investment services from their providers.
“In addition, they want a highly personal, tailored wealth management service, responsive to specific individual needs with the highest levels of client service. Our partial acquisition of Cave & Sons, now MHA Caves Wealth, further strengthens our ability to provide this service.”
Shaunak added: “From now on we can complement all our existing advisory services with the sophisticated, highly-professional, in-depth financial advice and wealth management offering that Cave & Sons is well known for.”
MHA is the 12th largest accountancy group in the UK. It consists of 19 offices around the country with 106 partners and 1,152 staff.
MHA Caves Wealth will continue to serve all its existing clients while becoming part of MHA MacIntyre Hudson’s private wealth offering.
Simon Harvey, chief executive of Cave & Sons, said: “This deal enables MHA MacIntyre Hudson and MHA Caves Wealth to become a ‘one-stop shop’ for both new and existing clients’ wealth management needs.
“We aim to provide the full range of planning, advisory and wealth management services that business owners and high-net worth individuals require.”
Harvey added “With MHA MacIntyre Hudson’s network of offices and clients throughout the UK and the skill and experience of its private client team behind us, MHA Caves Wealth can look forward to bringing our wealth management services to clients across the country.”
sonia.rach@ft.com
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