Private equity-backed Harwood Wealth Management has bought two UK-based financial advice firms for an undisclosed sum.
The acquired firms are Newcastle-under-Lyme-based D Heaton and Christchurch-based Wealth Creation & Management.
The deals add £100m ($119m, €118m) of assets under advice as well as 400 clients and six staff to the group.
Rebrand
This comes as Harwood’s parent company Hurst Point Group announced it is changing the name of the financial planning business to Argentis Group.
Harwood Wealth Management received investment from Harwood Capital and was listed on the Alternative Investment Market (Aim) of the London Stock Exchange in 2016, before it was taken private following its acquisition by Hurst Point Group.
As part of the acquisition, it was agreed that the Harwood brand would be returned to its original owners after a transitional period.
Harwood Wealth Management has made several acquisitions since the Hurst Point backing, including the wealth division of Gallagher; Argentis Financial Planning and Cedar Wealth. The operation now comprises over a 100 IFAs and AuA of approximately £3bn.
The rebranding will take effect from the 25 July 2022 and will bring together the different parts of the division into one united brand.
John White, managing director of Hurst Point Group, said: “As we return the Harwood brand, we are excited to build and grow under the Argentis banner. We have taken the time to develop a branding identity that represents our values and demonstrates what we bring to client relationships.”
Hurst Point Group was established in 2019 to facilitate investment by global investment firm Carlyle into the UK wealth management sector. The group currently consists of Argentis Group, which it acquired in 2020, and Hawksmoor, which it acquired in 2021.
