Schroders-owned adviser acquisition firm Benchmark Capital has acquired Chartered Financial Planners Kennedy Independent Financial Advice (KFA) in Derry to expand its presence in Northern Ireland.

KFA is Benchmark’s second acquisition in Northern Ireland, following the acquisition of Waterhouse Financial Planning in May last year.

The deal is for an undisclosed sum.

Benchmark is aiming to build a central hub in Derry and says the latest deal will add £80 million in assets, strengthen its local team and boost growth in Northern Ireland.

KFA and its staff will become part of Benchmark Financial Planning and will move to the firm’s new premises in Derry.

KFA MD Michael Kennedy will work with wealth planning director Sinead Meenan who leads the Financial Planning practice.

Benchmark is steadily acquiring Financial Planning firms. In November last year it acquired a 49% stake in West Midlands-based Chartered Financial Planning firm Chartered Independent. Benchmark also last year completed its 100% acquisition of Milton Keynes-based IFA Advison under the firm’s buy-out programme.

Advison joined Benchmark’s own Financial Planning firm and the founders remained with the business.

Ed Dymott, managing director wealth, at Benchmark, said: “Kennedy Independent Financial Advice is a much-valued addition to the Benchmark family.

“It not only has a strong reputation for providing quality advice but has strong ties to the local area and a deep understanding of their clients. We feel this very much aligns with our own values and we look forward to working with them to further strengthen our base in Derry and also provide support for future growth and development in the region.”

Michael Kennedy, managing director, Kennedy Independent Financial Advice, said: “Our partnership with Benchmark marks an exciting development in the next chapter of KFA that will provide security and stability for our clients and our staff.

“We pride ourselves on our personal approach and working with client’s long-term goals in mind. Benchmark share this long-term philosophy and will enable us to deliver the same quality advice, but with the added benefit of access to a wider pool of support through their technology enabled proposition. We’re looking forward to moving to the new offices in Derry and the potential that this move unlocks for us and the commitment to Chartered financial advice in the region.”