Expanding wealth manager and Financial Planner Craven Street Wealth has acquired London-based Chartered Bernard Barrett Associates.

The deal, for an undisclosed sum, boosts Craven Street’s assets under management to a total of £1.25bn.

The acquisition follows the integration of Canterbury-based Tarvos Wealth into Craven Street.

Following the takeovers, Craven Street now has 18 Financial Planners, 11 of which have achieved Chartered Financial Planning status.

Craven Street Wealth was created by London-based corporate finance firm, Craven Street Capital Ltd, following two simultaneous acquisitions in March 2021 of Kreston Reeves Financial Planning and Christchurch Investment Management. As part of the changes, Kreston Reeves was rebranded last year as Craven Street Wealth.

Craven Street says all Bernard Barrett Associates will stay with the business immediately post acquisition and continue to operate from a London office.

Founder Bernard Barrett will continue to work for the firm while gradually moving into a ‘relationship management’ role. Stuart Bates will join the Craven Street Wealth management team.

Craven Street says it will expand services at Bernard Barrett over time including investment propositions, platform technology and systems. It says the extra scale of the firm will help keep client costs down but planners will maintain the “personal touch.”

Bernard Barrett Associates said: “It was clear from our initial discussions that Craven Street Wealth would be a great fit for both our clients and our staff, with welcoming and down to earth people who have a wealth of experience and expertise. What is of the utmost importance is that Craven Street Wealth upholds the same core values we always strive for, putting clients at the heart of everything, aiming for excellence and building long-term relationships based on trust and integrity.

“This is an exciting opportunity for everyone involved, with Craven Street Wealth presenting a forward thinking and dynamic team. We are very much looking forward to driving that success, as well as being a part of it”.

Tom Barnett, managing director of Craven Street Wealth, said: “We are delighted to welcome the Bernard Barrett Associates clients and team to the Craven Street Wealth group at an exciting time for our growth plans in London. From our early interactions with Bernard and Stuart I was sure that the team and their approach to client care would fit naturally into the culture at Craven Street Wealth and therefore whilst representing a change for all, I am confident the future will also hold a high level of continuity of these core values.

“For Bernard, who has developed the business over most of his long career in financial services, I am delighted that after much deliberation he has entrusted the business on to us and will continue to provide his support. Stuart will also be joining the management team in Craven Street Wealth and contribute his knowledge and experience directly to the continued growth of the group.”