Wealth manager Fairstone, which includes one of the UK's biggest Chartered Financial Planners, said it has recorded its best ever six-month period of dealmaking.

The first half of 2023 saw six firms join the North East-based group as part of its Downstream Buyout (DBO) progressive acquisition model.

The latest deal was taking over £1.5bn AUM Dudley-based financial adviser Prosperity Wealth in July.

In May it acquired £450m FUM Essex-based IFA Sacre Associates.

In March Fairstone acquired £200m FUM Lincolnshire Chartered Planner firm MT Financial Management. 

Fairstone chief executive Lee Hartley said appetite for the company's proposition remains strong, in contrast to a downturn in M&A activity across the sector and against the backdrop of challenging markets and higher inflation.

He said: “Our model is designed to appeal to ambitious IFA owners who are confident in their business and committed to future growth.

“We partner with firms with no interest in selling outright today, instead we work with business leaders looking to secure the investment, resources and access to clients they need to achieve their growth aspirations.”

Fairstone’s latest figures showed fully-acquired firms exceeding their sale values, with an average of 116% of expected consideration being paid, the firm said.

The success of the last six months builds on the momentum created in the latter part of 2022 which also saw Fairstone onboard Swindon-based Executive Wealth, Prospero Finance and Epsom-based Grayside Financial Services. Together the firms brought in £450m of assets, annual mortgage lending of £80m and 13 advisers servicing 1,800 wealth clients.

The business will relocate to a new flagship head office, the former Nike headquarters in Sunderland’s Doxford International Business Park, in September.

Mr Hartley said: “The pipeline for the remainder of 2023 is strong and I am confident that this level of deal activity will continue onwards. Over the last 12 months we have invested heavily in our M&A function and it is fantastic to see the direct impact of bolstering the team in our dealmaking results.”  

Fairstone is a national firm made up of more than 1,200 operational staff and regulated advisers with £15bn in funds under management on behalf of more than 55,000 wealth management clients.