Quilter has acquired financial planning firm Charles Derby in a deal set to quadruple the number of advisers in its national advice business.
The acquisition will see 200 advisers join Quilter over the course of 2019, adding to the 65 currently in its national advice arm.
Charles Derby is an existing member of Quilter's advice network, Intrinsic, a status expected to minimise disruption for its clients and advisers.
Quilter has confirmed Darren Sharkey as managing director of its national advice business, which will consist of its existing Quilter Private Client Advisers and Charles Derby.
In October last year Mr Sharkey was named interim managing director of Quilter Private Client Advisers, Quilter's arm for affluent and high net worth clients.
Andy Thompson, chief executive of Quilter’s advice businesses, said the need for financial planning has never been greater but despite the increasing consumer demand, there was a "steadily dwindling" supply of advisers.
He said: "Quilter is committed to closing that advice gap by supporting the growth and development of the advice market.
"We see a demand for controlled, scalable advice from a Quilter brand and following the success of Quilter Private Client Advisers we are extending that model so we can serve a wider customer base."
MrThompson added: "Charles Derby offers us a great opportunity to further grow our successful national advice business.
"It has been part of the Intrinsic network since launch, making it an excellent cultural fit and a strong basis for our developing national advice business. I look forward to continue working with Charles Derby’s staff and advisers."
Chris Fautley, chairman and chief executive of Charles Derby, said: "Within Charles Derby we are proud of the growth in customer and adviser numbers we have achieved over the last three years and the acquisition by Quilter offers an exciting opportunity for us to accelerate this growth further.
"This acquisition allows us to continue to deliver high quality consistent advice from a trusted brand while also enabling us to build and expand our current services."