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Wealth manager on acquisition hunt buys London IFA

Wealth manager on acquisition hunt buys London IFA

Lumin Wealth has bought a London-based independent financial adviser in its second ever acquisition.

The Hertfordshire and London-based discretionary fund manager has bought IFA Everett MacLeod in a move which will bring more than £45m of assets under management to the firm.

One adviser, the firm’s director Mike MacLeod, will also move across through the acquisition.

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Managing director of Lumin Wealth, Martin Cotter, said the firm would continue to pursue further acquisitions in 2020 with businesses which were aligned with the firm’s "core principles and values”, adding he had already been approached by firms looking for a partnership which would allow their businesses to grow.

Lumin Wealth made its first acquisition in April last year when it bought financial planning firm Hyperion.

Mr Cotter added: “We are delighted to welcome Mr MacLeod to our team. By joining Lumin, [he] can continue to be an exceptional financial adviser, supported by enhanced resources and infrastructure allowing him to do what he does best — advising and building relationships with clients.”

Mr MacLeod said he was delighted to have “found the perfect partner firm” to assistt him in taking his clients to the next stage of their journey.

He added: “Everett MacLeod and Lumin Wealth are a great fit. Both companies put the needs of clients first and the larger team provides a more stable and secure platform to provide them with long term support.”

Mr MacLeod will continue to advise all existing Everett MacLeod clients while handing over the running of the business to the management team an Lumin Wealth.

The fact that a large share of advisers are approaching retirement combined with the additional regulations introduced by Mifid II making it expensive to run an advice firm has caused a flurry of acquisition activity in the advice market, which is expected to increase in the coming year.

The movement is also fuelled by a decent supply of both sellers and buyers in the market, with large players the likes of Quilter leading the charge for buyer demand.

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