London wealth manager Lumin Wealth has bought Enhance Wealth Management, a Hertfordshire-based advice firm.
The deal, Lumin’s fourth acquisition, brings assets under management for the group to £800mn and adds seven employees.
The financial advice and discretionary fund manager began buying advice firms in 2019, buying one each year ever since.
Previous purchases include Chamberlain Stean & West, Everett MacLeod and Hyperion.
Lumin said the latest deal was consistent with its organic growth strategy, which has focused on buying up “like-minded advisers” with “high standards” who deem a smooth transition for their valued clients “an imperative”.
Martin Cotter, Lumin’s managing director, said: “We know that our tried and tested integration formula provides an attractive new home for advisers and their teams.
“Our plan puts the continuity of the client’s financial planning journey at the forefront of everything we do.”
Cotter said Lumin will continue to look for similar firms to join its advice firm group. A spokesperson told FTAdviser Lumin had “a strong pipeline” of other potential acquisitions.
Peter Flowers, Enhance’s managing director, said he was very pleased to be selling the business to “a forward-thinking and innovative company” like Lumin.
“Our management teams have known each other for over two decades, so the ease with which we can assimilate Enhance clients into Lumin’s business model was one of the primary drivers behind our decision to join forces.”
Yesterday (March 3), Lumin’s Swiss parent company VZ Group published its 2021 annual results.
VZ Group is a financial planning company based in Zug which specialises in retirement and portfolio management services.
In its annual results, VZ said it would refine its marketing approach to win new clients in the UK, as well as start an internal adviser trainee programme and further work on smaller IFA acquisitions also in the UK.
VZ Group’s assets under management climbed to CHF 39bn (£32bn) at the end of 2021.
ruby.hinchliffe@ft.com
