Wealth manager and Financial Planning firm Saltus Group has acquired Hertfordshire-based wealth management firm NSL Wealth.

NSL adds £160m in assets under management to Saltus.

NSL Wealth was established by Syd Symonds in 1999. Fellow director Jordan Batchelar joined in 2009 and the business offers a wide range of financial advice services.

The acquisition follows Mr Symonds decision to retire.

Mr Batchelar will now become a partner at Saltus while Mr Symonds will take a consultancy and advisory role to ensure a smooth transition. Mr Symonds will gradually pass his day-to-day role over to Mr Batchelar over the next few years before retiring.

The five staff at NSL will all move across to Saltus, with its office in Bushey being retained.

Saltus said that by retaining the office it will strengthen the group’s presence in the Hertfordshire region where it has had a footprint since its acquisition of St Albans-based Consilia Wealth Management in March 2021.

Mr Batchelar said: “We have known the team at Saltus for over a decade; not only do they share our people-centric philosophy, but, also, they believe in continual investment in the business - whether that is in their people, technology or services - so, when we started the process of finding a buyer, Saltus was the clear choice.”

Jon Macintosh, managing partner at Saltus said: “The ten-year relationship between our two firms has allowed us to witness first-hand the expertise and professionalism of Syd and Jordan, and this has given us complete assurance that our two businesses are perfectly aligned."

The deal is the second for Saltus in the past six months. In September 2021, Saltus acquired Farnham-based Financial Planning firm Fish Financial. 

The firm also acquired Lorica in 2020 and Consilia in March 2021.

Saltus now manages over £2bn in assets and employs over 90 people.

Earlier this year Saltus Group appointed Alex Spreckley as managing director of Financial Planning. He joined from Handelsbanken Wealth & Asset Management where he was head of wealth management and will help to drive a push to take the firm to Chartered status.