Acquisitive financial adviser group Tenet has acquired Leeds-based wealth management firm Astute Financial Advisers Ltd.

The acquisition brings over £100m of assets under management to the group.

Astute will continue to trade under its own brand as a subsidiary of Tent’s own advice firm, Tenet&You.

Astute’s directors, Chris Hawkins and Marshall Bickler, will remain as advisers to help the ongoing development of the business.

Astute has been a member of Tenet’s network business, Tenet Network Services, for over 20 years and the sale has been made as part of the directors’ succession planning.

Astute’s directors, Chris Hawkins and Marshall Bickler, said: “Tenet have been our network partner for over 20 years, so it was a logical decision and fit for both our clients and business. The buyout will enable us to focus entirely on helping our clients achieve their lifetime aspirations.

“We now have the security, resources and backing of Tenet to enable us to continue to grow whilst providing a good long-term advice proposition for our clients”

Managing Director of Tenet&You, Helen Ball, said “I’m pleased to welcome Chris and Marshall to the group. This acquisition offered a great opportunity to grow our business by adding two quality advisers to our team as well as a further £100m+ of assets under management.”

Tenet is one of the UK’s largest adviser networks which provides a range of services to appointed representative and directly authorised financial adviser firms across the UK. It has acquired many IFA and Financial Planning firms over the past few years. Shareholders include Aviva, abrdn and Aegon.