Financial Planning and wealth management firm Finitor Wealth has acquired Ascent Financial Consulting and Financial Management Bureau in a double acquisition.

The acquisitions bring £1.1bn in assets under management to Finitor.

The deals were funded by private equity firm Rockpool Investments.

Finitor did not reveal the commercial terms of either deal.

Ascent Financial Consulting is a Financial Planning firm based out of Leamington Spa and brings £190m in assets under advice. The firm includes three Chartered Financial Planners and specialises in wealth and tax strategies, investment planning, and corporate pensions.

FMB is a second-generation family business with eight advisers in Kendal Cumbria. The firm has over £250m in assets under advice.

FMB was formed by Les Beavis in 1987 and is now run by his daughters, Liz Beavis and Ruth Power, who took on the firm following his death.

In March FMB formed a partnership with wealth manager Robert Meacock and Company, with both firms coming under the FMB umbrella. 

Finitor said that under the deal both businesses would ‘maintain a high degree of autonomy’ with support and expertise from the parent firm.

Tunbridge Wells-based Finitor was founded in 2018 and provides independent Financial Planning advice to private individuals, families and businesses across the UK.

The Financial Planning and wealth management firm is led by founders Paul Stokes (CEO) and Richard Rhodes (CFO).

Mr Stokes said: “Finitor Wealth are delighted to have raised investment with Rockpool and this investment has allowed us to grow through the exciting addition of two high quality firms, Ascent Financial Consulting and FMB. We look forward to working with the teams at FMB & Ascent as they continue on their respective journeys.”

Previous Financial Planning acquisitions of Finitor include Halifax-based Little and Georgiou Independent Financial Advisers and Poole-based Chartered Financial Planning firm PFM.