British financial planning firm Fairstone has snapped up Hamlyn Financial Services and Wagstaffs Wealth Management under its downstream buy out (DBO) model.
The acquisitions add £263m in funds under management to Fairstone’s books. The value of the deals was not divulged.
Fairstone has absorbed nine advisers and 11 support staff as part of the deals. The acquisitions also increased its client base by 2,830.
According to Wagstaffs company principals Elliot Stewart and Simon Beedle, Fairstone is attractive owing to its “culture, the people and the whole of market approach for client solutions”.
“Additionally, we benefit from the wider resources, skills and expertise within the Fairstone Group that we didn’t have as a directly authorised firm,” they stated.
Hamlyn company principal Stephen Grass believes that the deal offers longevity for the firm and its employees as well as offers the firm additional research capabilities.
Fairstone CEO Lee Hartley said: “Both Wagstaffs and Hamlyn are dedicated to quality service and like Fairstone, take a client centric approach to business.
“They also share our appetite to grow and develop, making them a perfect fit.
“Finalising these deals brings two more valued businesses into Fairstone and is a good start to our growth strategy for 2020.”
Headquartered in Swaffham, Hamlyn focuses on pensions and investments. The firm has £113m in funds under management.
The firm has six advisers and seven support staff along with a customer base of 2,500.
Stevenage-based Wagstaffs focuses on holistic financial planning and has £150m in funds under management.
The business has three advisers, four support staff, and 330 clients.