Fairstone adds £200mn FUM with Spalding-based IFA

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Fairstone adds £200mn FUM with Spalding-based IFA
MT Financuak Management principal, Trevor Wilshire and Fairstone chief executive, Lee Hartley.
ByJane Matthews

National advice firm Fairstone has added £200mn to its funds under management with the purchase of Spalding-based advice firm, MT Financial Management.

The acquisition was announced today (March 6) by the firm and is the second IFA purchase by Fairstone so far this year.

Specialising in holistic financial planning, MT Financial Management has been in operation for more than 25 years and serves clients across Lincolnshire and Cambridge. 

The firm joined Fairstone’s downstream buyout acquisition model in March 2020 and since then has seen an 11 per cent rise in new business and a 10 per cent increase in assets under management. 

MT Financial Management principal, Trevor Wilshire said the sale was made to ensure the long term future of the firm and for the benefit of its clients.

“Fairstone is equally committed as we are to providing first-class independent financial advice to our clients. 

“As we become fully part of the Fairstone family we look forward to the further opportunities this provides us to grow and build on our success to date and better serve our clients in the years to come,” Wilshire said.

The purchase will add four advisers and nine staff to the Fairstone group, along with more than 600 clients. 

Fairstone chief executive, Lee Hartley described Wilshire and his team as “wonderful partners” throughout the integration process.

“They will continue to receive ongoing support post acquisition to grow further and unlock additional avenues of greater long-term value, including a secondary capital event, through our enhanced buy-out offering.

“Our acquisition strategy remains firmly focused on bringing in quality, ambitious firms such as MT Financial, who want to join us and utilise our framework to deliver ongoing organic growth,” Hartley said.

Fairstone now has more than 40 offices across the UK and oversees £14bn FUM for about 45,000 clients.

Earlier this year, Fairstone announced the purchase of Surrey-based Mantle Financial Planning, adding more than £450mn in funds under management.

Back in December, it bought Devon-based IFA Sabre Financial, adding more than £200mn in funds under management to the group.

Prior to that, it entered the Irish market as it bought Dublin-based Pax Financial, adding €200mn (£174.8mn) in assets under management. 

In May, it purchased Cumbria-based IFA Financial Concepts, and just over a year ago, it marked its 50th acquisition with its purchase of Sidmouth-based East Devon Associates