Quilter Private Client Advisers has acquired national advice firm Prescient, adding more than £800m in assets under advice.
The acquisition will see 23 staff, including eight advisers and three trainee advisers, join Quilter and relocate to the firm’s existing regional offices.
Prescient’s managing director Chris Woodhams and director of risk Hugh Bance have retired.
Dominic Rose, strategy and acquisitions director at Quilter Private Client Advisers, said the latest deal showed its acquisition strategy was working.
Mr Rose said: “Prescient represents a fantastic fit for Quilter Private Client Advisers and we are excited to welcome a number of new colleagues and clients to our business.
“We believe this acquisition reaffirms that our model is continuing to help business owners realise the value in their companies while delivering good outcomes for clients.”
Mr Woodhams said: “Our long relationship with Quilter, since the Skandia days, meant that this was a logical fit: the majority of our clients’ assets are held through the Old Mutual Wealth platform and we have worked with various technical specialists in Quilter in recent years.
“Our transferring team will provide continuity for the clients during the transition.”
The deal marked the first acquisition this year for the M&A hungry firm.
Last year (June 12), Quilter completed its acquisition of national advice company and network Lighthouse, in a deal worth £46.2m.
The acquisition saw 400 advisers join Quilter's advice arm formerly known as Intrinsic.
Intrinsic was rebranded as Quilter Financial Planning in July after the Lighthouse deal was completed.
Quilter Financial Planning has almost 4,000 advisers and includes its high net worth business alongside financial planning firm Charles Derby, which it acquired in February 2019, and Lighthouse.
Intrinsic was the latest division of the former Old Mutual Wealth business to take on the Quilter name following its demerger from its South African parent in 2018.
What do you think about the issues raised by this story? Email us on email@example.com to let us know.