MWA Financial will soon get a cash injection from private equity firm Coniston Capital in exchange for a minority stake in the firm.
The firm said the latest news will help accelerate the growth of the business and increase MWA's acquisition power.
After five acquisitions in the past two years there are three more in the pipeline which could take the firm's AUA to more than £1bn by summer 2024.
Chief executive, Banks, said: “When choosing a long-term equity partner for the business it was vitally important to ensure we partnered with people that believed in us and our vision for the future.
"We are proven acquirers and integrators of high-quality regional IFAs looking for flexible deal structures and individually tailored succession plans. The team at Coniston are big supporters of this tailored approach which we will be able to deploy more rapidly with their funding and ongoing support.”
MWA was launched by chief executive Campbell Banks in 2016 with the ambition of recreating here in the UK the holistic advice model prevalent in his native Australia.
Ed Rosengarten became executive chairman of MWA in 2021 to help accelerate and execute its growth strategy.
Before joining, Rosengarten was head of funds at Smith & Williamson and, prior to that, spent 20 years at M&G, the last 10 of which as chief executive of the firm’s equity business.
Ben Kirby, who led the transaction for Coniston, and will join the board of MWA, said: “Coniston is delighted to be backing MWA, an exciting and ambitious company with a strong management team and proven acquisition track record in a growing sector.
"We believe that they are well positioned to build on their success to date to become a major player in the UK advice market.”
tara.o'connor@ft.com
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