Foster Denovo has bought London & Capital’s UK Wealth arm as the firm’s second acquisition of the year.
In the announcement today (May 20), the national advice firm said the servicing of London & Capital's UK wealth clients and two advisers were set to transfer to the firm.
Foster Denovo stated there would be no change to any client portfolios or charges initially but that it was expected such clients would be able to benefit from the firm’s financial planning offering as well as Foster Denovo's wealth management solutions in the future.
The move follows Foster Denovo’s acquisition of Kent firm Orchard Wealth Cultivation in February, when the firm announced its growth strategy, with more deals expected in 2019.
Roger Brosch, chief executive of Foster Denovo, said: "We are delighted that London & Capital’s UK Wealth clients will be joining us at Foster Denovo.
"Having been engaged in extensive discussions with the London & Capital senior management team for some time, I am confident that we share the same values and believe their clients and the relationship team will be a natural cultural fit."
Mr Brosch said Foster Denovo’s passion for client service was similarly held by London & Capital and stressed the acquisition would enable advisers to offer a broader range of services to their clients.
Guy McGlashan, chief operating officer at London & Capital, said: "In recent years we have taken deliberate steps to focus our business more keenly on our core strengths – particularly across more international specialist segments in the private client market and our distinct institutional business.
"Transferring our UK Wealth clients to Foster Denovo is the next step in this strategy and we strongly believe that Foster Denovo will continue to provide our UK Wealth clients with an excellent service and provide a good home for them and the advisers transferring with them."