Newcastle-headquartered financial planning group Fairstone has acquired UK-based duo Bankfield Financial Advisers and South West Financial Planning (SWFP).
The deals were part of Fairstone’s downstream buy out (DBO) model, which slowly integrates IFA firms into the business.
Leicester-based Bankfield and Devon-based SWFP both specialise in financial planning and wealth management services.
The financial terms of the acquisitions were not disclosed.
The deals bring an additional 2,700 clients into the group, together with 12 advisers and seven support staff.
Fairstone will gain more than £120m ($152m, €135m) in funds under management and £1.5m in gross fee income.
Appetite for growth
The double deal increases the financial planning group’s acquisition via BDO tally to four in 2019.
Lee Hartley, chief executive of Fairstone, said: “Both Bankfield and SWFP are dedicated to quality service and like Fairstone, take a client-centric approach to business.
“Fairstone also places a focus on firms with an appetite to grow and develop and this is an ambition shared by both Bankfield and SWFP.”
In May, International Adviser reported on the financial planner’s purchase of Brett & Randall Financial Services for an undisclosed fee.
Fairstone has 47 regional locations including a management hub in London.
Across the UK, it has over 320 IFAs servicing 51,000 clients, who collectively hold £8.1bn in investment and pension assets.
