City of London Financial Planning firm and wealth manager Helm Godfrey has been acquired by private equity-backed wealth manager Hurst Point Group for an undisclosed sum.

The deal was announced in May and has now achieved regulatory approval.

Helm Godfrey has 65 employees and around £1bn in AUA and £0.45bn of AUM.

Its Financial Planning team will be incorporated into Argentis, Hurst Point's Financial Planning division.

Meanwhile its investment management team will become part of Hawksmoor, Hurst Point's investment management division.

The deal has added some 2,500 clients to Hurst Point and increased the number of financial advisers working for the group to 120.

It will bring Hurst Point's total AUA to approximately £5bn and its total AUM to £5bn.

John White, managing director of Argentis, said: “We are excited to welcome the team at Helm Godfrey to the group and look forward to building our City of London hub.”

Hurst Point said the acquisition advances its ambition of becoming a national wealth management business. It already has offices in 13 locations across the UK.

It is pursuing a co-location strategy, seeking to establish both a Financial Planning and investment management operation in the towns and cities it has a presence.

In the last year Hurst Point made nine acquisitions, including Sussex-based Metis Asset Management and Metis Wealth, as well as advice firms Robinson Financial Solutions, PSG Financial Solutions and Southern Independent Financial Consultancy. The Group also acquired Gore Browne Investment Management.

Hurst Point’s majority shareholder is global investment firm Carlyle and its debt providers are Ardian and Investec.