Fairstone buys £1.5bn AUM Midlands wealth manager
Wealth manager Fairstone, which includes one of the UK's biggest Chartered Financial Planners, has acquired 86-staff Dudley-based financial adviser Prosperity Wealth for an undisclosed sum.
The deal is the fourth for Fairstone this year and creates a foundation for a West Midlands hub, the company says.
It is one of Fairstone's biggest deals.
The deal brings 5,000 clients with £1.5bn in assets under management, along with 63 advisers and 23 support staff.
Prosperity specialises in holistic whole of market advice and has a network of accountancy, banking and legal partners.
Matt Bell, CEO of Prosperity Wealth, said: "For a number of years we have looked for the right partner, in terms of values, culture and market credibility whilst maintaining full, whole of market independence. Collectively, we strive to give all clients a valued and trustworthy experience at every opportunity by putting them at the centre of everything that we do. We are all very excited to enter the next chapter of our journey with Fairstone.”
Fairstone acquired Prosperity under its downstream buy-out model which sees businesses progressively acquired, usually over a two year period.
Lee Hartley, CEO of Fairstone, 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.”
Fairstone has 46 offices across the UK, with a head office in Newcastle. The Chartered Financial Planning firm oversees £15bn in funds under management on behalf of over 45,000 wealth clients.
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