Financial advisory firm Newell Palmer has wrapped up the acquisition of HIA International Financial Services, a Coventry-based independent financial advisory firm, for an undisclosed amount.
HIA International primarily serves clients in Coventry, Leicestershire and the West Midlands. Newell Palmer said that the geographical spread of the acquired entity’s clients is suited for its Nuneaton branch.
Newell Palmer finance director Kevin Homfray said: “HIA is an excellent acquisition that will aid the expansion of our Nuneaton branch, and should enable us to grow our employee benefits portfolio.
“Gary Heath and Robbie Eliot have given their clients first class advice over the years and I want to ensure that Newell Palmer bolster this and continue to provide a very high level of service.”
The transaction, which is the third completed by Newell Palmer this year, will add 60 group schemes of various sizes to Newell Palmer’s portfolio.
The deal adds £80m in assets to Newell Palmer’s books, taking the firm’s overall funds under management to more than £2.1bn.
HIA International managing director Nick Newbold said: “When we spoke to Kevin, around two years ago, and started our discussions with Newell Palmer we very quickly came to the conclusion that joining forces with NP was the right move for us and our clients, and we are very much looking forward to working with them.”
The deal excludes HIA International’s general insurance business, which will retain its operational independence.