Perspective Financial Group has bought Warwickshire-based adviser Beanland Financial Services in its first deal of the year.
The purchase of Beanland, located in Alcester, Warwickshire, adds £160mn Aum to the group, taking its assets under management to £4bn.
The deal will see Perspective open a new office in the region, in addition to its 18 offices across the UK.
As part of the deal, Beanland directors John Garvey and Colin Pritchard will remain as financial planners and lead the office, alongside the rest of the team.
Garvey and Pritchard said: “Over the past few years our attention has naturally been drawn towards succession planning, the future of our business and the continuation of our advice and ongoing services. In addition, as with all firms like ours, we have seen a gradual increase in the burden and costs of regulation.
“We decided the best solution for our clients and our staff was to seek a merger with a larger partner and, after an exhaustive search, we are delighted to become part of Perspective. They clearly share our ethos, ethics and client focused approach.”
In addition, Perspective has appointed Chase de Vere's Gary Cairns as regional operations director.
At Chase de Vere he was senior manager in Yorkshire, leading the personal wealth division.
Ian Wilkinson, chief executive officer of Perspective, said: “I’m delighted to welcome John, Colin and their team from Beanland, and also welcome Gary as he joins us in this newly created senior role in the group.
“This acquisition is yet further evidence of our position of being the ‘acquirer of choice’ for many high quality IFAs across the UK to add new locations to our growing network. Beanland fits our profile well with many of their client relationships averaging 25 years’ duration and spanning multiple generations."
While this was its first deal of 2021, Perspective has been active in the M&A market in the past year.
In November, Perspective bought Kent-based St Lawrence Investment & Pension Solutions in its eighth deal of the year, alongside two senior hires.
The deal saw Perspective gain 175 clients and £55m in Aum.
In August, Perspective bought Wiltshire-based Avon Financial Advisers which followed a series of purchases by the group the previous month in Warrington, Sevenoaks, Burford and Bury.
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