Fairstone Group  

Fairstone gains £150m in latest adviser deal

Fairstone gains £150m in latest adviser deal

National wealth manager Fairstone has gained more than 150 clients and £150m in funds under management as part of its latest acquisition. 

Hampshire-based Cube Financial Planning joined Fairstone via its downstream buy-out model and adds two advisers to the wider business. 

Cube Financial Planning specialises in advice and management of investment and retirement portfolios and brings with it gross fee income of £800,000. 

Lee Hartley, chief executive of Fairstone, said the deal was a "valued addition" to the business and "another milestone" in its growth plans for 2020.  

He added: "We are delighted to complete the final acquisition of Cube Financial Planning, having worked closely with them throughout the integration phase.

"The team are a strong cultural fit for Fairstone, with high quality individuals who really care and put clients at the heart of what they do." 

Eight advice firms have joined Fairstone via its downstream buy-out model so far in 2020, bringing with them £1.2bn in funds under management as the company readies itself to announce further deals before the end of the year.

Mike Godfrey and Neil Emburey, principals at Cube Financial Planning, said the main driver behind selling to Fairstone was the attraction of handing over the operational and regulatory aspects of the business, so they could focus energy on clients. 

Mr Godfrey said: "Continuing to deliver a first-class service to our clients, whilst coping with the challenges of ever-increasing regulatory change, is a key priority for us, so joining forces with one of the largest chartered financial planning firms in the UK made very good sense."


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