The deal gives the Bolton-based Marlborough Group a minority shareholding in Truly Independent, which is based in Carlisle and was launched in 2009.

Carlisle-based Truly Independent has 75 financial advisers and £1.5 billion of assets under administration. It uses the Marlborough MPS service.

It plans to use the new investment to expand the company and recruit new advisers.

The exact stake has not been officially disclosed but according to Companies House filings is between 25% and 50%. 

Marlborough Group says the deal will not affect Truly Independent's status as an independent financial adviser. The FCA has approved the deal.

The Marlborough Group has £11bn in assets under management, It offers 19 funds and has a managed portfolio service (MPS). It has been managing investments for more than 35 years. 

Richard Goodall, CEO of the Marlborough Group, said: “The team at Truly Independent have greatly impressed us over the years we’ve been working with them. Like us, they have a strong entrepreneurial spirit, a commitment to delivering first-class outcomes for clients and that all-important ‘can-do’ attitude.

“They have ambitious plans for growth and we’re strong believers in their story, so we’re investing to support it. We won’t be trying to change anything. We’re investing to share in the success of what we believe is an outstanding business.

“Through this investment we’re also demonstrating our confidence in the strong long-term growth prospects of the IFA sector more generally. We’re working in partnership with more and more adviser firms and we’re firmly of the view that this is a sector with an exciting future.”

Andrew Goodwin, founder and CEO of Truly Independent, said: “This investment will provide valuable growth capital as we continue to bring on board new advisers who are keen to join one of the UK’s fastest-growing and most ambitious independent financial advice firms.

“Equally important though is that we will benefit from the huge breadth and depth of experience within the Marlborough Group. They have a well-deserved reputation for investment excellence, which is one of the reasons we use their MPS service, but they have a wealth of expertise in other areas too that will be valuable in supporting our continuing growth.

“In addition, we’ve been impressed with the culture of the Marlborough Group. They share our ambition and entrepreneurial spirit and have a partnership ethos that’s helped us build a very strong relationship that I have no doubt will be for the long term. This investment marks an exciting new chapter in the growth story of Truly Independent.”