A new entrant consolidator founded by two former Mattioli Woods directors has completed its second deal as it closes in on its target to manage £1bn of assets in its inaugural year.
Truinvest has bought Bromwich Financial Planning in a deal which followed the consolidator's first acquisition, of Group Rapport Ltd, in March.
The consolidator was launched last year by Mark Smith and Micky Johal, who previously worked together at wealth manager Mattioli Woods as chief operating officer and director of mergers and acquisitions respectively.
Last month Mr Smith told FTAdviser the company had plans to manage £1bn worth of assets in its first year, with its second deal bringing the consolidator's total assets to £350m.
Following its latest deal Truinvest is now actively looking to grow its staff numbers by recruiting and training new advisers.
Mr Smith, Truinvest's chief executive, said: "We are absolutely delighted to have added two such reputable and well-regarded companies to our ranks.
"We see it as a hugely significant development and a real statement of Truinvest’s intent."
The advice boss said the consolidator was in "detailed discussions" to complete further deals throughout 2020, telling FTAdviser last month the business had another half a dozen advice firms in its pipeline.
Truinvest secured funding from private family office Stonewood Wealth Management last year, with ambitions to secure £50m of revenues over the next five years.
Micky Johal, chief finance officer at Truinvest, said: "Having the support of Stonewood Wealth Management means we have investors who understand our industry and are able to take a long-term view on our business.
"We are investing in cutting-edge technology to make the way we operate simpler for our clients, advisors and staff, particularly as we feel the current Covid-19 pandemic has brought into focus the need for change in the way we all interact with one another."
rachel.mortimer@ft.com
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