Private equity-backed MKC Wealth has bought the IFA clients of a Seveoaks-based accountancy firm.
The wealth manager will provide independent financial advice to clients of Samuels LLP, following the retirement of the accountancy firm's in-house adviser.
Clients of the accountancy firm are mainly based in London and the South East.
Launched last year by former Quilter executives Nigel Speirs and Dominic Rose, MKC Wealth is backed by private equity firm Cabot Square Capital.
Rose, chief executive of MKC Wealth, explained how the firm is the preferred financial advisory partner for a number of accountancy practices.
He said the purchase of this part of Samuels’ business “facilitates the continuation of advice and service to Samuel’s clients” and enables MKC to be a “trusted partner for their future clients’ needs”.
Samuels founding partner, Sam Narula added that he found MKC’s approach to the acquisition “refreshing”.
“Our initial search proved fruitless as I found the sausage factory approach of the people who wished to acquire our IFA clients business very disappointing,” he said.
“Tightening regulation and compliance makes it imperative that the services offered to our clients must be of the highest professional standards and that is why we were keen to partner with MKC Wealth.”
In July MKC Wealth bought Northwich-based Genius Wealth, its third advice firm acquisition since receiving private equity back in 2021.
Prior to this, it bought a London-based IFA, Anthony, Bryant & Company in March for an undisclosed sum.