Advice network and wealth manager Independent Wealth Partners (IWP) has acquired Newcastle-based Professional Wealth Management (PWM) for an undisclosed sum.
This is the first acquisition for IWP in the north east of England its fourth M&A deal in the past month.
The acquisition brings in £150m ($208m, €173m) in client assets and will see PWM become the firm’s Newcastle hub.
PWM offers financial advice, wealth management and planning services to both individuals and businesses. The team of eight, based in Newcastle upon Tyne, will remain with the company as part of the deal.
Stephen Dickinson, director and chartered financial planner at PWM, added: “Our ethos at PWM is to build lasting relationships with clients to help them achieve their financial goals and objectives. By partnering with IWP, we can ensure continuity of our existing high-quality service, while expanding our proposition to more local people as the new Newcastle hub, backed by the group’s strong central support.”
David Inglesfield, chief executive of IWP, said: “Stephen and the team have created an outstanding business in PWM and I am delighted to welcome them as the backbone of our new Newcastle hub.
“This acquisition marks another step towards our goal of creating Britain’s best independent wealth planning business by combining the local expertise of our excellent IFA firms with IWP’s national resources and infrastructure support.”
