Old Mutual Wealth’s Private Client Adviser division has agreed terms to acquire Shrewsbury-based Infiniti Financial Planning.

Old Mutual says that Infiniti, which advises about 700 households, will merge with newly-acquired Premier to form the Birmingham office of Old Mutual Wealth Private Client Advisers.

The deal will see Infiniti’s three advisers and support staff join Old Mutual Wealth Private Client Advisers. Infiniti managing director Kevin Speake will become a regional director with the business.

Old Mutual Wealth PCA will take on all liabilities for past advice which it says gives the Financial Planning community “reassurance” that the acquired firm does not leave any liability which could in future fall on industry-funded compensation schemes.

Infiniti managing director and incoming Old Mutual Wealth Private Client Advisers regional director, Kevin Speake, said: “Becoming part of Old Mutual Wealth Private Client Advisers is extremely exciting for me and the rest of the advisers and staff at Infiniti.

“I’m delighted to have the opportunity to work with Nigel, and the other regional directors and staff of Old Mutual Wealth Private Client Advisers. The opportunity to grow this business and deliver prosperity and financial security to even more households in the region is something I’m really looking forward to.”

Old Mutual Wealth Private Client Advisers managing director Nigel Speirs, said: “I look forward to working with Kevin and his colleagues as we bring together two exceptional Financial Planning businesses, Infiniti and Premier, to become part of Old Mutual Wealth Private Client Advisers.

“At the same time I’m also really pleased we have been able to support the growth and development of new talent in the Financial Planning sector by giving five newly-qualified financial advisers a route into the industry.”

Earlier this week eight Financial planners graduated from the Financial Adviser School. They are the first group to complete the programme since its relaunch in 2016. Five of them will join Old Mutual Wealth Private Client Advisers.

Old Mutual Wealth also owns the Intrinsic network in the UK and AAM Advisory in Singapore. It oversees £123.5 billion in customer investments.