Chartered IFA Craven Street Wealth has agreed the transfer in of Punter Southall’s financial planning division as it moves forward with its growth plan.
The deal takes the firm’s assets under management from £1.2bn to £1.8bn and expands its presence in the south of England.
It adds offices in Oxford, Bedford and Poole as well as London, Canterbury and Horsham, with 90 employees.
Tom Barnett, managing director of Craven Street Wealth, said: “We are delighted to be welcoming a like-minded chartered financial planning business into Craven Street Wealth, a practice recognised by clients and peers alike.
“This announcement is a further, concrete step towards meeting the growing demand for what we offer.”
Craven Street Wealth said clients will be able to access diverse and specialist support and services, such as a wider investment proposition, in step with combining technology to keep costs low.
Steve Butler, chief executive officer of Punter Southall’s Aspire business, which included the financial planning entity, said: “We know our clients will be in good hands as Craven Street Wealth shares our commitment to building long-term relationships now and in the years to come.
“Creating this bigger yet personalised business means an even better service for them.”
Butler added that clients would continue with their existing advisers and support teams from the same offices.
The Punter Southall financial planning management team would also be part of the transition.
The acquisition, which is expected to complete at the end of February, will see Punter Southall having increased its minority stake in Craven Street Wealth, in which it was a founding investor.
sonia.rach@ft.com
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