Discretionary investment manager Waverton has acquired London-based IFA Timothy James & Partners for an undisclosed sum.
Timothy James & Partners employs more than 80 people and advises on £1.1bn ($1.45bn, €1.3bn), looking after more than 5,000 clients.
The deal will enable Waverton to complement its current discretionary investment management offering with a range of financial planning services.
The combined business will bring independent planning services to Waverton clients, who will benefit from advice on inheritance tax, pensions, corporate finance, mortgages, savings and corporate and personal protection.
In collaboration with Waverton’s investment professionals, Timothy James & Partners has designed a set of bespoke investment portfolios for its clients.
Timothy James & Partners will retain its own brand and identity; and continue to operate from its Tottenham Court Road offices under the Waverton Group umbrella.
Fairstone
Elsewhere, Newcastle-headquartered Fairstone Group has strengthened its presence in the north-east of England with the acquisition of Stockton-based Chilli Financial.
The deal brings an additional 400 clients into the group, together with Chilli’s two advisers and three support staff.
It also boosts Fairstone’s funds under management by more than £80m and also increases its gross fee income by £600,000.
The acquisition was part of Fairstone’s downstream buy out (DBO) scheme, which slowly integrates IFA firms into the group.
This is its eighth BDO deal of the year, after it bought Octagon Wealth Management in November 2019.
BDO popularity
Lee Hartley, chief executive of Fairstone, said: “Our DBO proposition continues to gain in popularity, particularly among more sophisticated wealth management firms who place significant importance on ensuring that positive customer outcomes are realised as a result of the transaction.
“Finalising this deal with Chilli brings another valued business into Fairstone and continues our excellent growth plan for 2019.”
The financial terms of the deal were not disclosed.
Fairstone operates across 48 locations with a head office in Newcastle and is made up of 560 advisers and staff, acting for over 59,000 clients.
