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Tilney buys accountancy firm's advice arm

Tilney buys accountancy firm's advice arm

Tilney has bought the UK wealth business of accountancy firm Moore Stephens for an undisclosed sum.

The Moore Stephens Wealth Management team provides financial planning and investment advice to personal, corporate and trust clients with combined assets under advice of £340m in its investment proposition.

The transaction will see 11 Moore Stephens staff based in London transfer across to Tilney, five of whom are advisers.

The team includes two Moore Stephens partners: Stephen Humphreys, head of the wealth management division who has been with the firm since 1989, and James Springham.

Mr Humphreys said: "We are very excited to be joining Tilney and have been impressed with the firm’s depth of expertise in both financial planning and investment management.

"Tilney also has a lot of experience advising the clients of both accountancy firms and lawyers, so the understanding and cultural fit between our team and their businesses really is excellent.

"The transfer will enable us to provide continuity of service to our clients but as part of a major standalone wealth management group."

The team will continue to work closely with Moore Stephens after the acquisition to support its clients who need financial planning and investment management services.

Chris Woodhouse, Tilney's chief executive, said: "We are delighted to welcome the Moore Stephens Wealth Management team and clients to Tilney.

"This is a very high quality and professional business that will add further strength to our team in London. Tilney has established excellent connections with a number of major accountancy and professional services firms and we now look forward to developing an ongoing relationship with Moore Stephens over the coming years."

The acquisition comes after Tilney hired Andy Grant as its head of financial planning in August.

Mr Grant was tasked with growing Tilney's financial planning business, which at the time was made up of 208 financial planners in 30 offices around the UK.

damian.fantato@ft.com