Three Dodd Murray advisers and additional support staff will join Old Mutual as part of the acquisition. The deal adds £205m of assets under advice to Old Mutual Wealth Private Client Advisers.

Old Mutual says that Dodd Murray’s Carlisle office will become a regional office of acquisitive Old Mutual Wealth Private Client Advisers, adding to its Chester, London, Devon, Birmingham and Yorkshire premises.

Dodd Murray was formed in 2007 when Dodd Financial merged with Murray & Fuller, with both having enjoyed a long presence in the region. Dodd Murray describes itself as offering a range of Financial Planning and advisory services from lifestyle Financial Planning to estate planning and financial health checks.

Following acquisition, Dodd Murray managing director Chris Fuller will become regional director for Old Mutual Wealth Private Client Advisers. The acquisition is subject to regulatory approval.

Old Mutual Wealth Private Client Advisers managing director Nigel Speirs said: “As we approach two years since the launch of Old Mutual Wealth Private Client Advisers, it is exciting for us that the business continues to grow through the acquisition of high-quality Financial Planning firms like Dodd Murray.”

Incoming Old Mutual Wealth Private Client Advisers regional director, Chris Fuller said: “This is a wonderful opportunity for Dodd Murray to embark on the next phase of its journey as part of Old Mutual Wealth Private Client Advisers. Becoming part of Old Mutual Wealth Private Client Advisers gives us access to the scale and resource required to grow our business.”

South African-owned Old Mutual Wealth oversees over £127 billion in customer investments