Consolidator Fairstone has acquired Hammond McNulty Wealth Management, a Cheshire-based financial advisory business.
Hammond McNulty advises on pensions and IHT planning and savings, investments, critical illness, life assurance as well as mortgages.
The deal, whose terms were not disclosed, adds around £50m in funds under management (FUM) to Fairstone’s books. Hammond McNulty intends to increase this figure to £100m in the coming five years.
The deal also involves the migration of five employees to Fairstone.
Fairstone Group CEO Lee Hartley said: “This marks another significant step in our growth strategy and we are thrilled to have started the year so strongly. Our model ensures businesses are fully integrated before the point of sale, securing a positive impact from the start for quality firms like Hammond McNulty.”
Hammond McNulty principal Mark Pedley added: “With Mifid II and GDPR coming into force, we feel confident in Fairstone’s solid structure and the resources which have been made available to meet the challenges of the changing face of the financial services sector.”