UK asset management firm Close Brothers (CBAM) has bought PMN Financial Management for an undisclosed sum.
PMN was founded in 1992 and it currently manages nearly £300m ($413m, €350m) of assets for its high net worth family clients.
The IFA firm’s partners, advisers and support team will join CBAM as part of the deal.
The acquisition is part of Close Brothers’ growth strategy as it expands its UK footprint in the Surrey and Hampshire area. CBAM has operations in London, Bristol, Chester, Manchester, Gatwick, Farnham, Newcastle, the Midlands, Northwich, Edinburgh and Glasgow.
Martin Andrew, chief executive of Close Brothers Asset Management, said: “I am delighted to welcome PMN to the CBAM family, an acquisition which further underlines the fact that we are a dynamic and growing business.
“Not only is PMN a highly successful and trusted provider, but crucially, the business has deep cultural synergies with CBAM. Our success is built on our dedication to put clients at the centre of everything we do and PMN share that commitment and focus. I know that the team will hit the ground running and be a real asset to the wider CBAM team.”
