Old Mutual Wealth Private Client Advisers has agreed to purchase financial planning firm Beaumont Robinson for an undisclosed sum.
Beaumont Robinson acquisition, which is subject to regulatory approval, will bring more than 850 customers and nearly £250m in assets under advice into the Private Client Advisers business.
Following the acquisition, Beaumont's staff and management will remain with the business and support its transition into Old Mutual Wealth Private Client Advisers, which will see it adopt the centralised investment proposition and align its advice processes.
Old Mutual Wealth Private Client Advisers managing director Nigel Speirs said: “We are really excited to welcome Beaumont Robinson, its staff and clients into the Old Mutual Wealth Private Client Advisers business. I am really looking forward to working with regional director Michael Wall and the rest of the team as we embark on an exciting journey together at Old Mutual Wealth Private Client Advisers.
“This is another important milestone as we aim to grow a wealth management business designed to deliver great customer outcomes by combining Old Mutual Wealth’s stable of investment, platform and advice solutions.”
Beaumont Robinson chairman David Cubitt said: “Joining Old Mutual Wealth Private Client Advisers is an exciting step for this business and will allow us to grow and develop with the support of a national advice offering.
“It was crucial for us to find a partner that could ensure our clients would continue to receive the highest quality wealth management and financial planning service available and we’re delighted to have found that with Old Mutual Wealth.”
Additionally, Beaumont Robinson managing director Michael Wall will join Old Mutual Wealth Private Client Advisers as regional director.
The announcement follows the 2015 launch of Old Mutual Wealth Private Client Advisers with the opening of a new Chester office, and the subsequent acquisition of DQS in the South-West of England early in 2016.