Financial planning and wealth management company Fairstone has agreed to buy Glasgow-based financial advisory firm Chartermarque for an undisclosed sum.
This marks Fairstone’s second acquisition of 2021.
The deal follows an undisclosed investment in the UK financial planner by private equity firm TA Associates, which has become a majority shareholder in the company.
The acquisition is part of the financial planner’s downstream buy out (DBO) programme, which integrates IFA companies to the group over a two-year period before the final acquisition.
The M&A adds 200 clients to Fairstone, as well as four financial advisers and four support staff. It also secures gross fee income of £1m and £200m ($276m, €232m) in funds under management.
‘Financial strength and stability’
Lee Hartley, chief executive at Fairstone, said: “We are delighted to complete the final acquisition of Chartermarque which is a genuinely high-quality business with a proven leader in Scott Morton.
“We have worked closely with the team at Chartermarque throughout the integration phase and they share our core values of putting clients at the heart of everything we do, making them an excellent fit for Fairstone.”
Chartermarque principal Scott Morton said: “Continuing to meet our clients’ needs in a rapidly changing environment has been at the forefront of our decision to become part of Fairstone.
“The desire to continue to provide independent advice was particularly important and Fairstone’s financial strength allows further investment in people and infrastructure – all for the ultimate benefit of our valued clients.
“Fairstone provide the financial strength and stability that a smaller firm like ours will benefit from together with providing the technology that is vital in today’s marketplace.”
