Wealth firm and fund manager Close Brothers Asset Management has acquired a Chartered Financial Planning partnership which focuses on working with HNW client families and manages nearly £300m in assets.

CBAM has bought Surrey-based PMN Financial Management LLP for an undisclosed sum. 

PMN was founded in 1992 and provides advice mainly to High Net Worth client families. 

PMN’s partners, advisers and support team will join CBAM as part of the deal.

CBAM says the acquisition is part of its growth strategy and will help expand its regional footprint along the Surrey and Hampshire border. 

CBAM operates from London, Bristol, Chester, Manchester, Gatwick, Farnham, Newcastle, the Midlands, Northwich, Edinburgh and Glasgow. 

Martin Andrew, chief executive of Close Brothers Asset Management, said: “I am delighted to welcome PMN to the CBAM family, an acquisition which further underlines the fact that we are a dynamic and growing business.

“Not only is PMN a highly successful and trusted provider, but crucially, the business has deep cultural synergies with CBAM. Our success is built on our dedication to put clients at the centre of everything we do and PMN share that commitment and focus.

“I know that the team will hit the ground running and be a real asset to the wider CBAM team.”