Advanta adds £150mn to AUM with purchase of fourth firm

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Advanta adds £150mn to AUM with purchase of fourth firm

Advanta Solutions has added a further £150mn to its assets under management with its fourth purchase this year. 

The chartered firm has acquired Genesis Financial Planning, a London based advice firm for an undisclosed amount.

Advanta chief executive, Craig Webster said: “Our strategy of growing a financial planning and wealth management business fit for the future and focused on the needs of multiple generations of clients makes Genesis an ideal fit for Advanta."

The acquisition follows the announcement last week that Advanta had purchased three other firms: North Ayrshire-based SMG Financial Options, Perth and Kinross-based Ann Bellingham Financial Services and Renfrewshire-based M&I Independent Financial Services.

The firm said the acquisitions form part of its strategy to grow by acquiring “high quality firms from business leaders and retiring owners”. 

Genesis’s owner and director, Adam Horn said: “Having built up a base of great clients over the past 30 years it was important for me to find the right company to merge with. 

“This process was made much easier knowing there is so much cultural synergy between our two companies sharing the same values, professionalism and client service ethos.”

He added that Advanta will provide the resources to “develop and enhance the proposition to our clients”.

Based in Fulham, Genesis was established in 2008.

Advanta Solutions, which includes financial planning firm Advanta Wealth and a mortgage and protection business, said it is actively seeking acquisitions having secured a significant investment from Beech Tree Private Equity.

The firm has said it is on track to complete seven strategic acquisitions this year. 

jane.matthews@ft.com