Saltus Group has purchased Hertfordshire-based wealth management firm NSL Wealth as part of its long-term growth strategy.
NSL Wealth was established by Syd Symonds in 1999 to offer tailored independent advice.
As part of the deal, all five NSL staff will move across to Saltus, with its office in Bushey, Hertfordshire being retained.
Saltus said this ensures continuity for NSL staff and clients, and strengthens its presence in the Hertfordshire area, following on from its acquisition of St Albans-based firm Consilia Wealth Management in March 2021.
The acquisition, which follows Symonds’ decision to retire, will see Jordan Batchelar, fellow director at NSL, become a partner at Saltus.
Batchelar joined NSL in 2009 and the business now offers a wide range of financial services with £160mn assets under management.
As he takes over, Symonds will take a consultancy and advisory role to ensure a smooth transition.
Over the next few years, Symonds will gradually pass all aspects of his day-to-day role to Batchelar.
Batchelar said: “We have known the team at Saltus for over a decade; not only do they share our people-centric philosophy, but, also, they believe in continual investment in the business - whether that is in their people, technology or services - so, when we started the process of finding a buyer, Saltus was the clear choice.”
Saltus employs more than 90 people and manages more than £2bn in assets for its clients.
It has known the team at NSL Wealth for more than 10 years and the deal marks its second acquisition in the past six months.
In September 2021, Saltus acquired Farnham-based firm Fish Financial.
Jon Macintosh, managing partner at Saltus said: “The 10-year relationship between our two firms has allowed us to witness first-hand the expertise and professionalism of Syd and Jordan, and this has given us complete assurance that our two businesses are perfectly aligned.
“We are confident that Syd and Jordan’s skills and knowledge will complement our already established offering perfectly and are delighted to welcome the NSL Wealth team into the Saltus family.”
In February, Saltus appointed Alex Spreckley as managing director of financial planning, as it looked to grow its advisory arm.
Mike Stimpson, partner at Saltus, told FTAdviser that the firm does not have a target for number of acquisitions or amount of AUM acquired.
Stimpson said: “While our strategy may not have specific numbers, we are always keen to talk to high-quality, like-minded advice firms with the intention of bringing them into the business if the fit is right.
“But of course, it has to work both ways, and we are aware there are a number of firms out there with similar M&A ambitions, and we need to stand out as an attractive home for businesses looking to sell, and we believe Saltus has a lot to offer.
“Because of our synergies, we can often pay more for the right businesses and our people-centric philosophy and continual investment in the business enables us to offer a home for the discerning adviser in a crowded marketplace of private equity backed consolidators whose offerings are all the same.”