Acquisitive Chartered Financial Planner HFMC Wealth has acquired London wealth manager Aspinalls.

The deal, completed last week, will add about £1m in annual recurring revenue to HFMC and increase assets under advice and management by about £130m to nearly £1.5bn.

HFMC says that the Aspinalls team is a “great fit” and will add more Chartered Financial Planners to the business. HFMC now employs more than 20 Chartered Financial Planners following the deal.

HFMC provides a range of wealth planning and Financial Planning services to both corporate and individual clients and is also the official wealth management partner of the Porsche Club of Great Britain, the Porsche owners’ club.

London-based Aspinalls has a near four decade track record and is run by David Aspinall who will continue with the business. It focuses on private client and family office work, advising more than 100 families.

In a statment Aspinalls said: “We have felt for some time that joining a larger firm would be the best way to deliver the wider range of services we wish to provide our clients, whilst also providing a controlled succession to David Aspinall's ownership of the business.”

“In HFMC Wealth we have found a partner that meets all these requirements and who will protect the legacy of the business we are proud to have built over the last 38 years.

The transaction will mean all of Aspinalls client-facing staff will be retained by HFMC with Aspinall’s Madelaine Bacon joining the senior management team at HFMC Wealth. Mr Aspinall will continue to oversee a number of key client relationships, the company says.

HFMC has grown rapidly in recent years and has offices in London and Weybridge, Surrey. 

It has acquired several advisory firms and it bought Generic Financial Management in 2018 in a deal worth up to £3m. The acquisition added £950,000 of annual recurring revenue to HFMC Wealth and increased assets under advice and management by £150m.