Digital wealth manager Verso Wealth Management has acquired Chartered Financial Planning firm Pavis Financial Management.

Pavis will add £280m of assets under advice to Verso.

The deal, for an undisclosed sum, was funded by Verso’s partnership with private equity firm Cairngorm Capital.

Pavis is a Chartered Financial Planning firm based in Liverpool, serving clients across the UK. It specialises in holistic Financial Planning, investment management, pensions advice, retirement planning, and estate planning. It was founded in 1992.

Pavis chairman and co-founder Bob Newton will remain with the business on a part time basis.

Managing director Quentin McCormick will continue to lead Pavis, working with Verso’s executive team to expand Verso’s presence in the North West.

Julie Calvert, Steve Robertshaw and Carly Dunningham will continue as directors at the firm.

Verso has also appointed a new non-executive chairman. Graham Coxell joins the firm with a track record of scaling and transforming advice businesses. Recently he led the turnaround of Rowan Dartington Wealth Management through to exit.

Andrew Fay, chief executive at Verso, said: “We have a pipeline of planned investments within the investment management and Financial Planning space scheduled for this year and an ambitious service delivery timetable so 2022 is on track to be transformational for us. I look forward to working with Graham to deliver on our strategy”

Verso Wealth Management is a digitally-driven wealth management group providing financial advice and investment management. Verso’s straight through processing engine facilitates Financial Planning, supports product selection and automates client servicing.