British workplace savings and pension firm Punter Southall Aspire has agreed to acquire Focus Oxford, an Oxford-based independent financial advisory business.
Focus Oxford delivers advice on pensions, investments, mortgages as well as life assurance. The firm employs 19 staff.
The deal, whose financial terms were not disclosed, will add £200m in assets to Punter Southall’s portfolio. It is anticipated to be wrapped up by May 2018.
The transaction is the first of planned acquisitions by Punter Southall to grow its retail advice unit and its new investment administration platform called myAspire.
Commenting on the acquisition, Punter Southall CEO Steve Butler said: “This deal will give us a complete proposition for individuals and employers – the ability to deliver financial advice and education in a range of ways, from face to face meetings through to telephone and online consultations.
“This purchase is key to our business strategy. We plan to grow our retail advice business significantly in the next few years and hope this will be the first of several acquisitions of IFAs. It will enable us to build assets on our investment platform and provide our clients with first class financial and investment solutions that will support their retirement planning.”