Abacus Money Management acquires local adviser

Abacus Money Management acquires local adviser

Bristol and Gloucestershire-based firm Abacus Money Management has acquired local advice firm Westcliff Financial Management for an undisclosed sum.

The deal will see Abacus add £33m in funds under management, but no advisers will be transferred as part of the deal, FTAdviser understands.

Abacus specialises in face-to-face financial planning and investment management for high net worth and mass affluent clients in the south west.  

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According to the firm, the acquisition will strengthen its position in the region.

Merger and acquisitions broker Gunner & Co said this was the firm's second deal in the south west in the last 12 months, but added the area remained a key target for consolidator acquisitions. 

Westcliff director Mark Dyer will retire post sale. 

Mr Dyer said: “Abacus Money Management offers my clients an excellent new home. I am very impressed with their client-centricity and technical capabilities and am confident this is the right deal.”

Meanwhile, this is the fourth deal for Noel Greaves, director of Abacus Money Management, whose firm has focussed on both organic and acquisitive growth since he took over in 2016. 

Mr Greaves said: “This is an excellent opportunity for us. There are many synergies in how we deliver business, putting clients first. We are well located geographically to continue delivering an excellent service to Mark’s clients.”


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