Wealth manager makes first acquisition

Wealth manager makes first acquisition

Wealth management firm Lumin Wealth has made its first acquisition with local financial planning firm Hyperion.

Lumin Wealth, based in Hertfordshire, currently has nine advisers and will be joined by Bedfordshire-based Hyperion’s two advisers, including managing director and shareholder Michael Barnett, as well as a senior paraplanner.

The acquisition adds £85m of client funds to bring Lumin's total assets under management to more than £400m.

Managing director of Lumin Wealth, John Cusins, said he considered Hyperion to be a great fit for Lumin.

He said: "The main adviser at Hyperion, Michael, was looking for a safe financial future for his clients. They look after their clients really well and can explain the move to their clients as an upgrade."

Martin Cotter, also a managing director at Lumin, said: "It became obvious the two firms did things similarly in terms of clients and they were looking to slow down and we were looking to grow."

Mr Cotter said Lumin Wealth had been looking at firms in the market to acquire for about 18 months but Hyperion was the best fit.

He said acquiring more companies could be in the firm’s future but stressed he wanted to ensure the Hyperion acquisition went ahead smoothly first.

He said: "It’s more than just getting numbers. It’s got to fit. We are funded for future acquisitions if we found them but we’re looking for financial advisers who look out for their clients rather than their financial outcome."

Mr Barnett, from Hyperion, said: "Throughout the process of finding a suitable buyer for our business we were clear that our clients were of paramount importance.

"From the first meeting with Lumin Wealth it was obvious they were the right partner and we have been delighted with the straightforward approach of the Lumin team throughout the process of agreeing a transaction."