Investment manager Marlborough, based in Bolton, has acquired a 20% stake in London-based Chartered Financial Planning firm First Wealth.

First Wealth said the "significant investment" would provide the firm with the funds needed to support its ambitious growth strategy.

The deal will also help it to retain its status as an independently-owned company and a Certified B Corp.

First Wealth, based in central London, plans to use the funds to invest in digital tools, expand client events and networking opportunities, as well as providing clients with lower cost investment solutions. It also plans to pay off debts and expand its Financial Planning team.

First Wealth has not disclosed the size of the financial investment but says it is "significant."

First Wealth also plans to look for acquisitions to accelerate its growth.

Anthony Villis, managing director of First Wealth, said: “We chose to partner with Marlborough because of their entrepreneurial spirit, deep industry expertise and shared commitment to delivering outstanding client outcomes.

“This partnership allows us to accelerate our plans, enhancing our technology; expanding our talented team and strengthening our First Wealth Private Office service.”

Company founder Rob Caplan and Anthony Villis now own 80% of the equity in the business with 15% retained as options by the team.

First Wealth is a Financial Planning firm setup by Anthony Villis and Robert Caplan in 2009 and is based in Marylebone in London. The firm has around £500m in assets under advice on behalf of 600 clients. It specialises in working with high net worth individuals, SME business owners, entrepreneurs, accountants and lawyers.

Marlborough is an investment management specialist and provider of fund governance services, with £18bn in assets under management. The group also includes an investment platform business, the Marlborough Select Platform.

Marlborough has a history of investing in financial advice firms, having previously taken stakes in Continuum, Carrick Wealth and BMP Wealth.

In July the investment manager took a “significant stake” in national IFA and Chartered Financial Planning firm Truly Independent.

In July Marlborough also made an investment in Financial Planner-focused fintech firm Clever Adviser Technology which provides quantitative, analysis-driven fund selection and asset allocation services for advisers.