National wealth manager The Private Office has completed its third acquisition in the capital as part of growth plans to more than quadruple its annual turnover to £50m.
The purchase of London-based financial planning firm John Lamb Wealth Management Limited will see a team of 11 join The Private Office, including six chartered financial planners.
The deal is part of growth plans at the business, which also includes The Private Office's sister company Savings Champion, to increase its annual turnover from £12m to more than £50m in the next five to seven years.
The acquisition of John Lamb adds £90m funds under management to the wealth manager, bringing assets to £1.3bn, and marks its third deal in London, following the purchase of PQR Financial Planning in 2016 and SRLV Financial LLP earlier in the year.
TPO expects its turnover in year one to increase by around £1.3m as a result.
Stuart Phillips, chief executive at The Private Office, said: "The deal strengthens the firm’s London presence and creates a platform for further natural growth.
"Our current focus is to grow TPO organically through the quality of our wealth management advice and lead generation, but we are open to discussions with independent firms if there is a good fit, professionally and culturally."
The Private Office was founded in 2008 and now has more than 2500 clients, 31 advisers and four trainee advisers.
Paula Steele, managing partner at John Lamb, said: "We believe that as part of TPO, we can offer our clients the best possible range of services and expertise in the market today."
rachel.mortimer@ft.com
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