A Chartered Financial Planning firm has sold its DFM arm.

Attivo Group is selling Attivo Investment Management to Quilter Cheviot, part of Old Mutual Wealth, for an undisclosed fee.

Regulatory approval has been given for the acquisition, which will complete in Q1 2017.

Attivo Investment Management, which has £300m AUM, operates from its head office in Cheltenham and an office in London.

Clients of the acquired business will be managed jointly from Quilter Cheviot’s Bristol and London offices, by James Rodgers, Head of Bristol office, and William Reid, Head of Charities, respectively.

David Loudon, chief executive of Quilter Cheviot, said the move will help build its business in southern England.

He said: “This development demonstrates our commitment to a proactive growth strategy and is a statement of our confidence in the UK’s economy. We are actively seeking to acquire wealth management books of business to help support our organic growth and move further towards Old Mutual Wealth’s goal of becoming the UK’s leading wealth management business.”

He said its DFM expertise was aligned.

Stephen Harper, chief executive of Attivo Group, said: “We are pleased to have agreed with Quilter Cheviot to transfer Attivo Investment Management to a company, which like us, places the utmost importance on putting clients first.

“Attivo Group’s focus has always been to be an independent Financial Planning business and the transfer of the investment management business reinforces our commitment to offering truly independent Financial Planning through Attivo Financial Planning.”