UK financial planning group Fairstone has acquired Dudley-based Prosperity Wealth via its downstream buy out (DBO) programme for an undisclosed sum.
The deal creates the foundation for the group’s West Midlands hub and is part of a strategy which sees Fairstone “backing the management teams of larger IFA firms to further expand on their existing regional presence”, it said in a statement.
Prosperity Wealth is led by managing director Matt Bell and comprises a total 63 advisers and 23 operational staff who together support 5,000 clients with £1.5bn ($1.94bn, €1.76bn) in assets under management.
Fairstone’s DBO scheme sees the wealth manager purchase and integrate IFA firms over a two-year period before the acquisition is finalised.
Lee Hartley, Fairstone chief executive, said: “It is a pleasure to welcome the Prosperity team to the Fairstone Group. Over the last 13 years, the team has developed a hugely successful business in a geography that strategically, Fairstone has been keen to target. The team are admirably ambitious and in recent years have harnessed the power of their professional connections to achieve significant organic growth alongside a strong local brand.
“At Fairstone we are committed to a high-performance culture and investing in people is paramount to achieving this. Matt and the wider Prosperity management team have developed a recruitment and development programme that has and will continue to attract and nurture the best talent in the West Midlands. They are a seriously impressive team, and I am really looking forward to working with them to amplify the success to date.”
This deal comes after Newcastle-headquartered Fairstone acquired Essex-based financial advice company Sacre Associates, Spalding-based MT Financial Management and Surrey-based Mantle Financial Planning for undisclosed sums.
