Old Mutual Wealth has agreed to buy Shropshire-based Infiniti Financial Planning for an undisclosed sum.
Infiniti, which has £230m in assets under administration, will combine with Premier, which Old Mutual Wealth bought in March, to form the Birmingham office of Old Mutual Wealth Private Client Advisers.
Infiniti managing director, Kevin Speake, will become a regional director with the business.
He said: “Becoming part of Old Mutual Wealth Private Client Advisers is extremely exciting for me and the rest of the advisers and staff at Infiniti.
“I’m delighted to have the opportunity to work with Nigel Speirs, and the other regional directors and staff of Old Mutual Wealth Private Client Advisers.
“The opportunity to grow this business and deliver prosperity and financial security to even more households in the region is something I’m really looking forward to.”
The acquisition will see the firm’s three advisers and additional support staff join Old Mutual Wealth Private Client Advisers.
The terms of the deal mean Old Mutual Wealth Private Client Advisers will take on all liabilities for past advice.
Old Mutual Wealth Private Client Advisers managing director Nigel Speirs said: “I look forward to working with Kevin and his colleagues as we bring together two exceptional financial planning businesses, Infiniti and Premier, to become part of Old Mutual Wealth Private Client Advisers.”
Old Mutual Wealth Private Client Advisers was launched in 2015.
damian.fantato@ft.com
