Companies  

HFMC Wealth adds £130m assets with adviser buyout

HFMC Wealth adds £130m assets with adviser buyout

Financial planning firm HFMC Wealth has acquired a London-based adviser in a deal that adds more than £130m in assets under management to the business. 

The purchase of Aspinalls Group pushes HFMC Wealth's assets under management to more than £1.4bn and will see around 100 clients join the company.  

The deal bolsters the adviser's London office as it sets its sights on a pipeline of acquisitions for the coming year. 

Jeremy Hoyland, chief executive at HFMC Wealth, said: "As we continue our growth strategy, we are pursuing other potential acquisitions with like-minded wealth and financial planning firms and expect further deals to be agreed during the next year.

"Our growth strategy includes making carefully selected acquisitions and we worked hard during 2019 to identify planning firms which meet our criteria.

"The completion of this acquisition is further evidence of that hard work, having last year successfully acquired and integrated Generic Financial Management into our business without the loss of a client." 

In October 2018 the company bought Generic Financial Management in a deal worth up to £3m and which added £150m of assets under management. 

All of Aspinalls’ client-facing staff will join the new parent company as part of the deal, with operations director Madelaine Bacon joining the senior management team and executive chairman David Aspinall continuing to manage a number of client relationships.

Mr Aspinall said: "We have felt for some time that joining a larger firm would be the best way to deliver the wider range of services we wish to provide our clients, whilst also providing a controlled succession to my ownership of the business.

"To ensure continuity for our clients, it was vital that any such partner shared our values and those of our clients, whilst mirroring our approach to wealth management."

rachel.mortimer@ft.com 

What do you think about the issues raised by this story? Email us on fa.letters@ft.com to let us know.