Private equity-backed MKC Wealth has bought Cheshire IFA Genius Wealth Management for an undisclosed amount.
MKC Wealth was launched last year by former Quilter executives Nigel Speirs and Dominic Rose and is backed by private equity firm Cabot Square Capital.
Northwich-based Genius Wealth Management has £150mn in assets under management and advises 300 clients.
As part of the deal, Genius chief operating officer Toni Haynes will join MKC as senior compliance and operations manager along with two chartered advisers and six support staff.
Managing director Iain Crawford will join MKC Wealth in an ambassadorial role as he moves into retirement.
Crawford said: "At the start of the year, I began talking about my succession planning with Toni Haynes and we obtained a valuation from a firm which specialises in financial services businesses. From that initial conversation it quickly became apparent that our best option was to join forces with a larger firm with greater resources but one that still prides itself on a personal service.
"After an extensive search, I am delighted that we have found the right partner in MKC Wealth, the only firm we met that shared our ethos, professionalism, approachability and honesty that our clients need and deserve."
All the staff at Genius Wealth Management will be based at MKC Wealth’s Stockport office and the business will operate under the MKC brand.
MKC Wealth chief executive Dominic Rose said: “Iain will play a significant role in the transition of clients to MKC Wealth. We are ahead of our initial plans and now have over £1bn in assets under advice.
“More importantly all our staff, including the Genius team, are rewarded directly based on feedback from our clients and have also become shareholders in the business we are building together.”
In March, the company bought its second advice firm since receiving private equity backing last year.
Rose said: “In keeping with our strategy of building a quality wealth management business we are completing selective acquisitions particularly where it is clear that we can be 'the safe pair of hands' that retiring principals want to look after clients.
“There is such a strong cultural alignment between the Genius and MKC teams. I am delighted that the whole team has joined us meaning we have been able to facilitate the retirement of the business owner whilst giving the rest of the team the opportunity to thrive with us for the long term.”
Cabot Square Capital investment director Freddie Athill said: “We are very impressed with the way Dom and his colleagues have developed and grown MKC Wealth. They have a very clear strategy of acquiring and integrating the established businesses of retiring advisers.
“The acquisition of Genius is exactly the type of deal we are backing MKC Wealth to make. We believe in total and long term commitment to clients, advisers and staff.”
sonia.rach@ft.com
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