Old Mutual Wealth Private Client Advisers has snapped up Beaumont Robinson. No fee was disclosed for the takeover.

The acquisition brings over 850 clients and around £250m in assets under advice into the business, the company reported.

Beaumont Robinson managing director Michael Wall will take on the role of regional director for Old Mutual Wealth Private Client Advisers.

The Beaumont staff will remain with the business and support the transition.

The Yorkshire business will adopt the centralised investment proposition and “align its advice processes”.

David Cubitt, chairman of Beaumont Robinson, which was established in 1971 said: “Joining Old Mutual Wealth Private Client Advisers is an exciting step for this business and will allow us to grow and develop with the support of a national advice offering.

“It was crucial for us to find a partner that could ensure our clients would continue to receive the highest quality wealth management and financial planning service available and we’re delighted to have found that with Old Mutual Wealth.”

Old Mutual Wealth Private Client Advisers launched in 2015 with the opening of a new Chester office. It acquired DQS in the South-West of England earlier this year.

Old Mutual Wealth chief distribution officer, Richard Freeman, said: “At Old Mutual Wealth we have made a firm commitment to invest across the entire financial planning industry.

“Building our own-brand wealth management offering through the Private Client Advisers business is another important example of our commitment to growing the footprint of face to face advice across the UK.”

Nigel Speirs, MD of Old Mutual Wealth Private Client Advisers, said: “We are really excited to welcome Beaumont Robinson, its staff and clients into the business.

“This is another important milestone as we aim to grow a wealth management business designed to deliver great customer outcomes by combining Old Mutual Wealth’s stable of investment, platform and advice solutions.”

The acquisition is subject to regulatory approval.