Tuesday, 22 December 2020 09:20
Fairstone acquires second South West Financial Planner
Rapidly expanding Newcastle-based Chartered Financial Planning firm Fairstone has acquired South West-based Sovereign Wealth Management.
Sovereign has offices in Bath and Bristol and is a whole-of-market advice firm specialising in investment and retirement portfolios.
The deal is the second in the South West this month. Earlier in December Fairstone acquired Sabre Financial based in Kingsbridge in South Devon.
The deal, for an undisclosed sum, adds 1,500 clients to Fairstone along with Sovereign’s eight advisers and one support staff. The deal also adds gross fee income of £1.25m for Fairstone.
Lee Hartley, CEO of Fairstone, said: “We are delighted to complete the final acquisition of Sovereign Wealth Management, having worked hand-in-hand with them throughout the integration phase.
“The team are a strong cultural fit for Fairstone, with high quality individuals who really care and put clients at the heart of what they do.”
Company principal at Sovereign, Marcus Harris, said: “I am pleased to have integrated the company with such a forward-thinking and client-focussed firm as Fairstone. “We look forward to continuing to deliver first-class service to our clients as part of the Fairstone family.”
Fairstone continues to expand and says it is looking for further acquisitions in the near future. It says nine firms have joined its progressive acquisition Downstream Buy Out programme in 2020 and 48 firms since 2011.
Fairstone has 380 regulated advisers and 275 operational staff, acting for over 69,000 clients and overseeing a total of £9.5bn in funds under management.
This page is available to subscribers. Click here to sign in or get access.