Suffolk-based Beckett Investment Management has acquired local IFA Paul Schwer Financial Services.
The chartered financial planner, which is chaired by former Lighthouse CEO Malcolm Streatfield, received an investment in April from listed private equity firm Foresight and its East of England Fund.
It has now made what it called a strategic bolt on acquisition in the East of England, which will see adviser-owner Schwer retire and pass on his client bank.
Ian White, managing director at Becketts, said the firm's reputation in the region had contributed to the acquisition of Paul Schwer FS.
He said: “2021 is proving to be a milestone year for our business, which has continued to build on the strong foundations and excellent market reputation we are proud to have established over more than 30 years.
“We are a purpose-driven people business with deep roots in our local community, two factors which are integral to our continued success."
He added: "We are fortunate to benefit from many referrals."
Becketts, which is headquartered in Bury St Edmunds, has in the past half year grown its assets under management from £775m to £850m and expanded its team by more than 10 per cent to 85.
Investor Foresight targets investments in established, profitable small and medium sized enterprises in the East of England.
Matt McLoughlin, senior investment manager in Foresight’s Cambridge office, said: “Ian and the leadership team at Beckett have done an outstanding job over the last six months.
“It’s really great to see the company growing and creating new jobs and opportunities in the local area. We look forward to supporting the business on its continued journey.”
In January this year Foresight Group, which currently has £6.8bn assets under management, announced it was to float on the London Stock Exchange offering 50 per cent of its share capital to investors.
The company said the IPO would provide additional source of capital for acquisitions, such as Becketts', and allow all employees to own shares in Foresight.
sonia.rach@ft.com
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