British advice firm Succession Group has acquired Maze Wealth for £1.2m after receiving £25m in new funding round to support its expansion plans.
Founded in 2004, Maze Wealth offers financial planning services, later life advice, investment management and financial planning process. It has £40m of funds under management (FUM).
Succession secured the investment package from HSBC and firm’s existing shareholders. The firm said that it intends to acquire the best 50 firms from its affiliated membership by 2017 end.
Succession CEO Simon Chamberlain said: "Ambitious IFA and wealth management firms, like Maze Wealth, join Succession with a clear agenda to build value and capital into already high-performing business models.
"In our experience it is what happens post-acquisition that counts and our unique approach to acquisition and rapid integration provides a clear sense of continuity for clients and staff."
Maze Wealth founder Dhan Sharma said: "There will be no nasty surprises for Maze clients as Succession is the only acquirer that doesn’t expect business owners to abandon their commitment to independence.
"Succession’s continued investment in people, technology and infrastructure is a compelling proposition for advice firms looking to springboard to the next level."
Succession oversees £11bn in total funds, out of which £2.5bn is serviced through its national advisory business.