Tavistock Investments has acquired independent financial advisory group Morgans for £3.7m.
The firm has two wholly owned subsidiaries, Morgan Financial Group Limited and Morgans Limited, the latter of which is regulated by the Financial Conduct Authority.
Morgans was established in 1992 and provides financial planning and consultancy services to private and corporate clients.
It employs 10 financial advisers and has £500m of assets under management, and for the year to April 30, 2021 saw gross revenues of £2.3m.
Steve Thorrington, managing director of Morgans, said: "We look forward to joining a much larger, well resourced group and to working with Tavistock's management team to expand the Morgans business."
Tavistock bought the business from the Corimar Asset Management Fund, which will receive £3.1m upon completion and a further £0.6m twelve months after completion.
Brian Raven, chief executive of Tavistock, said: "We are pleased to welcome Morgans into the Tavistock Investments group and look forward to working with Steve and his team to improve Morgans' operational efficiency and accelerate its commercial development."
The acquisition, conditional on regulatory approval, comes after a number of changes for Tavistock Investments.
In June last year, the firm sold its discretionary fund management arm (Tavistock Wealth) to Titan Wealth Holdings as part of a 10-year strategic partnership between the two firms.
The firms' partnership will see Tavistock act as Titan’s retail distribution partner.
Shortly after, Tavistock Investments acquired Cambridge-based IFA Chater Allan Financial Services, adding approximately £110m to its funds under advice.
Raven told FTAdviser at the time that the firm was embarking on an acquisition drive, and planning to increase its assets five-fold to £20bn in the next five years.
In September, the group posted an operating profit of £1.23m for the year to March 2021 after it underwent a £1.2m reorganisation in an attempt to reduce its overhead costs by £750,000 a year.
Earlier this month it took a 21 per cent stake in LEBC from the widow of former chief executive Jack McVitie.