Financial planning and wealth management group Finitor Wealth has bought two advice firms, taking assets under advice to more than £1.1bn.
The firm has bought Ascent Financial Consulting and Financial Management Bureau (FMB), in deals brokered by Gunner & Co.
These acquisitions have been made possible through investment by private equity firm Rockpool Investments, which provides equity and loan financing to UK-based private companies.
The two purchases bring AUA to over £1.1bn, with the aim to continue expansion with the financial backing of Rockpool.
FMB is a second-generation family business with eight advisers in Kendal, Cumbria and more than £250mn AUA.
Ascent Financial Consulting is a three adviser firm based out of Leamington Spa, and will bring £190mn of AUA.
Finitor founder and chief executive officer, Paul Stokes, said: “Finitor Wealth are delighted to have raised investment with Rockpool and this investment has allowed us to grow through the exciting addition of two high quality firms, Ascent Financial Consulting and FMB.
“We look forward to working with the teams at FMB and Ascent as they continue on their respective journeys.”
Finitor was founded in 2018 and, through its regional partner firms, provides independent financial planning advice and other associated services to customers in the UK market.
The company is led by Finitor’s founder and CEO Sokes and chief financial officer Richard Rhodes.
The two are supported by a senior management team and chair Kevin Ronaldson.
sonia.rach@ft.com
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