Newcastle-headquartered advice group Fairstone has bought Spalding-based MT Financial Management for an undisclosed sum.
The deal marks the second acquisition by Fairstone this year following its purchase of Surrey-based Mantle Financial Planning.
Established more than 25 years ago and specialising in financial planning, MT Financial Management serves clients across Lincolnshire and Cambridgeshire.
The acquisition brings four advisers and nine staff into the group as well as more than 600 clients and £200m ($240m, €225m) in funds under management.
MT Financial Management joined Fairstone’s Downstream Buy Out (DBO) acquisition model in March 2020. As part of the DBO scheme, the wealth manager seeks to purchase and integrate IFA firms over a two-year period before the acquisition is finalised.
Fairstone chief executive Lee Hartley said: “MT Financial has a well-established reputation for providing excellent client-centric service and they are passionately whole-of-market making them perfectly aligned with Fairstone. We couldn’t be happier to complete the purchase; when you bring like-minded businesses together then the fit is obvious from the start.
“Trevor and the team have been wonderful partners to work with during their integration, they have embraced our proposition and utilised the broad spectrum of support services we provide to grow their business.
“They will continue to receive ongoing support post acquisition to grow further and unlock additional avenues of greater long-term value, including a secondary capital event, through our enhanced buy-out offering. Our acquisition strategy remains firmly focused on bringing in quality, ambitious firms such as MT Financial, who want to join us and utilise our framework to deliver ongoing organic growth.”
