Tilney, the wealth manager and Financial Planning group, is to acquire the wealth management business of accountants Moore Stephens LLP.

The Moore Stephens Wealth Management team provides Financial Planning and investment advice to personal, corporate and trust clients with combined assets under advice of £340m. 

The deal will be done by means of a business transfer agreement but the price of the deal has not been disclosed.

The transaction will mean 11 Moore Stephens staff in London, including five advisers, transferring to Tilney.

The team includes two partners of Moore Stephens: Stephen Humphreys, head of the Moore Stephens wealth management division, who has been with the firm since 1989, and James Springham, who has been with the business since 1999.

The team will continue to work with Moore Stephens following the transfer, supporting clients of the firm who require Financial Planning and investment management services.

Mr Humphreys said: “We are very excited to be joining Tilney and have been impressed with the firm’s depth of expertise in both Financial Planning and investment management.

“Tilney also has a lot of experience advising the clients of both accountancy firms and lawyers, so the understanding and cultural fit between our team and their businesses really is excellent. The transfer will enable us to provide continuity of service to our clients but as part of a major standalone wealth management group.”

Chris Woodhouse, chief executive of Tilney, said: “We are delighted to welcome the Moore Stephens Wealth Management team and clients to Tilney. This is a very high quality and professional business that will add further strength to our team in London.

“Tilney has established excellent connections with a number of major accountancy and professional services firms and we now look forward to developing an ongoing relationship with Moore Stephens over the coming years.”

Headquartered in Mayfair, London, the Tilney Group employs over 1,000 staff across 30 offices throughout the UK.

• Earlier today, Tilney reported it was set to acquire Midlands firm Index Wealth Management.