Chartered Financial Planning-focused wealth manager Fairstone has acquired Glasgow-based financial adviser Chartermarque.

The acquisition, for an undisclosed sum, adds 200 clients to Fairstone along with Chartermarque’s four advisers and four support staff.

The deal also adds gross fee income of £1m to the group along with funds under management of £200m.

Chartermarque is a whole-of-market advice firm specialising in advising on investment and retirement portfolios.

Fairstone has completed the takeover through its Downstream Buy Out (DBO) progressive acquisition programme where firms are gradually integrated into Fairstone.

Lee Hartley, CEO of Fairstone, said: “We are delighted to complete the final acquisition of Chartermarque which is a genuinely high-quality business with a proven leader in Scott Morton.

“We have worked closely with the team at Chartermarque throughout the integration phase and they share our core values of putting clients at the heart of everything we do, making them an excellent fit for Fairstone.”

Mr Fairstone believes his model of progressive acquisition over a two year period is “the exact opposite” of the traditional ‘consolidator’ model.

Chartermarque principal Scott Morton said: “Continuing to meet our clients’ needs in a rapidly changing environment has been at the forefront of our decision to become part of Fairstone. 

“The desire to continue to provide independent advice was particularly important and Fairstone’s financial strength allows further investment in people and infrastructure – all for the ultimate benefit of our valued clients.”

Fairstone is based in Newcastle and has 42 offices across the UK. It oversees £10.6bn in Funds Under Management for 34,000 clients.