National advice firm Foster Denovo Group has acquired part of London & Capital’s UK Wealth business, it was revealed today.

The servicing of London & Capital’s UK Wealth clients’ portfolios will be transferred to Foster Denovo, with two advisers moving across to join the firm.

Foster Denovo says while there will be no change to any clients’ portfolios, or their charges initially, it is expected that in future these clients “will be able to benefit from Foster Denovo’s broader Financial Planning offering in addition to their wealth management solutions”.

Roger Brosch, CEO, Foster Denovo, said: “We are delighted that London & Capital’s UK Wealth clients will be joining us at Foster Denovo.

“Having been engaged in extensive discussions with the London & Capital senior management team for some time, I am confident that we share the same values and believe their clients and the relationship team will be a natural cultural fit.

“Our passion for client service is similarly held by London & Capital, and our award winning proposition will enable advisers to offer a broader range of services to ensure their clients’ achieve all their financial goals.

“This is our second acquisition this year following the successful purchase of Orchard Wealth in February.

“Our growth strategy is clear, we are well positioned for further deals and intend to be a ‘Facilitator’ in the market, able to offer a compelling option for businesses who put the interests of clients and staff high on their list of deal priorities.”

Guy McGlashan, chief operating officer, London & Capital, said: “In recent years we have taken deliberate steps to focus our business more keenly on our core strengths – particularly across more international specialist segments in the private client market and our distinct institutional business.

“Transferring our UK wealth clients to Foster Denovo is the next step in this strategy and we strongly believe that Foster Denovo will continue to provide our UK Wealth clients with an excellent service and provide a good home for them and the advisers transferring with them.

“We look forward to working closely with Roger and the rest of the senior team at Foster Denovo to ensure a smooth transition for these clients and their advisers.”

• London & Capital has no connection with London Capital & Finance Plc, the failed mini-bond firm which went into administration recently.