Fairstone has acquired Belfast-based ASM Financial Planning, securing funds under management in excess of £250m.
In an update today (July 1), Fairstone announced it had acquired ASM which joined the business via its downstream buy-out model in 2019.
The deal brings an additional 1,500 clients into the group together with ASM’s six advisers and nine support staff.
ASM is a whole-of-market advice firm specialising in advice and management of investment and retirement portfolios.
Commenting on the deal, Lee Hartley, chief executive officer of Fairstone, said: “We are delighted to complete the final acquisition of ASM Financial Planning, having worked closely with them throughout the integration phase.
“Their focus on quality advice and exceptional service is exactly what we are looking for in a business and their client-centric approach makes them an excellent fit for Fairstone.
“Within Fairstone, we invest in forward thinking firms to optimise their capital value, providing the framework they need to significantly grow their business, without compromising on client service or independence. We are delighted to have ASM on board, marking another valued addition to our group.”
The downstream buyout acquisition model integrates IFA firms into the group, typically over a two-year period, prior to final acquisition.
By early December Fairstone had agreed its ninth deal of last year, incorporating Devon-based Sabre Financial via its acquisition model.
At that time, the wealth manager had added more than £1.3bn to its funds under management.
This year it finalised the purchase of Hammett and Petch Financial Planning which secured more than £60m in assets for the national wealth manager in its first deal of the year.
Following this, in March, the wealth manager acquired Glasgow-based Chartermarque.
Hartley added: “Fairstone support sector leaders in developing their businesses and I can say with confidence that we remain in a superb position to deliver more growth throughout this year and far beyond.
“Our approach is the exact opposite of the traditional ‘consolidator’ model and our underlying numbers – from client satisfaction and client retention through to earn-out performance – fully back this up.”
Fairstone said the focus of its approach was to attract businesses that do not want to sell today but want to grow and develop instead.
ASM Financial Planning principals, Haydn Gibson and Keith Storey, said the Fairstone proposition appealed as it enabled the firm to continue to provide an independent offering to clients, while benefiting from being part of a larger organisation.
Gibson said: “The industry as a whole is moving towards the centralisation of resources due to increasing operational costs and regulatory pressures. Fairstone offered this centralisation without compromising our independence or client focused ethos.
“In the past we have been approached by several potential buyers but the Fairstone proposition and their wealth of experience ensured that we can concentrate on developing the business and providing a personalised service to new and existing clients.”
sonia.rach@ft.com
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