Skerritts Group has bought Hampshire-based IFA PS Financial Advisers, marking the firm’s seventh acquisition since it secured a £55mn private equity investment last year.
The deal adds £60mn to Skerritts’ assets under management and is the fourth to close this year, after Geoffrey Craig Limited, Saffron Wealth Management and most recently Bradbury Hamilton.
So far this year, Skerritts - an IFA and wealth manager based out of Brighton and Hove - has grown its assets under management by £540mn through acquisitions.
In March 2021, private equity buy and build specialist Sovereign Capital Partners invested £55mn in Skerritts to fuel its organic and acquisitive growth plan.
Prior to Sovereign’s backing, Skerritts had made nine acquisitions.
“As part of our strategic plans to increase our presence in the South East, adding a high-quality firm such as PS to the group enables us to expand into Hampshire and adds a great team of people, led by Geoff, that we very much look forward to working with,” said chief executive, Richard Skerritt.
Geoff Reed, PS Financial Advisers’ director, said his firm decided it needed to be part of a larger group, with the extra benefits and resources that this brings.
“After a lot of research, we are very confident that Skerritts is the stand-out partner for us and will help us to invest in and grow the office, whilst continuing to offer our clients the high level of service they are used to,” said Reed.
“This is a very exciting time for us.”
ruby.hinchliffe@ft.com
