Fairstone has sealed the acquisition of an Essex-based adviser in a deal which secures the consolidator £150m in funds under management.
Andrew Cohen Associates first joined Fairstone in 2018 via its downstream buy-out model, which sees the consolidator take a stake in an advice firm before integrating and then purchasing it.
In an update today (October 27) the consolidator confirmed the acquisition had now completed, bringing with it 850 clients, four advisers and gross fee income of £1m.
Lee Hartley, chief executive of Fairstone, said the company had worked "hand-in-hand" with Andrew Cohen Associates throughout the integration phase of its buy-out model.
Mr Hartley added: "Acquisitions like this are easy when you’re dealing with professional people who genuinely understand the modern world of wealth management.
"Within Fairstone, we work hard to ensure our proposition gives firms the framework they need to significantly grow their businesses, without compromising on client service or independence."
The deal comes as the consolidator prepares to announce more deals before the end of the year, having already gained eight firms and more than £1.2bn in funds under management via its buy-out model so far in 2020.
Frank Banks-Seeney, principal at Andrew Cohen Associates, said: "The opportunity to spend more time with clients and less time dealing with regulation was the main driver behind us wanting to join Fairstone.
"The compliance resources Fairstone provides are beyond the reach of a smaller directly authorised firm and allow us to provide clients with a more focused service as a result."
rachel.mortimer@ft.com
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