Sussex-based adviser IEP Financial has gained £50m in assets under management with the purchase of another firm's investment, pension and life insurance client book.
The advice firm gained 200 clients in the deal with Brighton-based advice firm RT Williams Ltd.
IEP Financial told FTAdviser the move was the latest on its acquisition trail, with the business in the early stages of considering another deal for the final quarter of 2020.
Ian Poysden, chairman of IEP Financial, said: "This was a marvellous opportunity to acquire the business of a well-respected Brighton firm.
"RT Williams approach in providing hands on client relationships fits strongly with our own culture at IEP - we have built a reputation for not only providing solid financial advice but one where our culture of personal advice and high service levels is paramount."
Christopher Williams, managing director at RT Williams Ltd, said the deal would allow his company to focus on its insurance broker division.
Mr Williams added: "Having researched suitable partners, IEP have a platform to allow clients to continue to receive a range of services with a great ethos of high standards for advice and help.
"The need for advice remains with all of our clients and the selection of the correct partner was a key essential to building this relationship and we are confident that the fit is right."
Earlier this week FTAdviser reported the number of advisers looking to sell their businesses could spike next year in the wake of the coronavirus pandemic, with broker Gunner & Co encouraging advisers considering an exit to put plans in place sooner rather than later amid higher demand.
Joshua Lee, senior broker at Gunner & Co, said a period of reduced activity and "uncertainty" at the beginning of lockdown had swiftly been followed by a return in demand, as sellers accepted the current environment was here to stay over the coming years.
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.
