Wealth manager Tilney Smith & Williamson has acquired Surrey Financial Planner HFS Milbourne which has approximately £450m of client assets under influence.

The cost of the acquisition has not been disclosed.

Guildford-based HFS Milbourne, which has 30 staff, was created in 2005 by the merger of Milbourne Financial Services and Hayden Financial Services.

Both firms were founded in the mid-1980s respectively by joint managing directors Rod Milne and Colin Hayden-Cook. 

The business has 30 staff including seven advisers and provides holistic personal Financial Planning and investment advice, as well as corporate Financial Planning and employee benefits services.

The firm has strong connections with family law firms across Surrey.   

Tilney Smith & Williamson said the acquisition strengthens the firm’s Surrey presence where it has employs more than 100 people based in Guildford working for its financial services and professional services businesses. 

The HFS Milbourne team, led by Mr Milne and Mr Hayden-Cook, will join Tilney Smith & Williamson’s Financial Planning business in Guildford.

Chris Woodhouse, group chief executive officer of Tilney Smith & Williamson, said: “Colin and Rod have built a high-quality, client-focused business over many years that they can rightly be very proud of. We are delighted that they have chosen to become part of Tilney Smith & Williamson and to welcome the HFS Milbourne team to our business.”

Rod Milne, joint managing director of HFS Milbourne, said: “Colin and I have given much thought over the last couple of years to the long-term future of the business. We are proud of what we have built at HFS Milbourne, so the bar was high in choosing a long-term home for both our team and clients. 

“Tilney Smith & Williamson stood out above other potential acquirers with its breadth of services and successful track record of combining advice businesses. We look forward to continuing to grow the business as part of the Tilney Smith & Williamson family.”

Colin Hayden-Cook, joint managing director of HFS Milbourne, said: “As part of the larger group, our clients will benefit from the un-doubted advantages that much greater scale brings in terms of systems, resources and expertise, while also allowing us to remain focused on the thing that is most important to us: supporting our clients with highly-personalised financial advice.”

HFS Milbourne was advised by Asgard Partners.