Wealth adviser and pensions firm Westerby Group - which recently moved to an employee-ownership model - has acquired specialist pension provider and IFA firm Redswan.

The deal, for an undisclosed sum, means that Westerby will buy the assets of Manchester-based Redswan’s IFA business and two trustee companies for Self Invested Personal Pensions (SIPP) and Small Self Administered Schemes (SSAS).

The acquired businesses will now be part of the Westerby Group.

Earlier this month Westerby announced it had become an Employee Ownership Trust (EOT). As part of the shift, chairman and founder Les McLintic transferred his ordinary voting shares in the company to the trust to make employees beneficiaries of any future profits.

Westerby says that the latest acquisition is part of Westerby's growth strategy. It aims to acquire businesses in the IFA and specialist SSAS and SIPP pension sectors.

Westerby chairman Les McLintic said: “We are delighted to announce the purchase of Redswan Ltd. We would like to extend a warm welcome to all Redswan clients and professional connections as the brand integrates into Westerby.”

Westerby will retain Redswan’s staff and acquire a presence in Manchester, in addition to its two locations in Leicester and Weymouth.

Redswan Ltd's managing director Mark Andrews said: "We are confident that integrating Redswan’s portfolio into the Westerby brand will provide our valued clients with continuity of the trusted service they rely on, with the added benefit of retaining their relationships with the Redswan team in Manchester.”

Westerby Group was founded in 1986 with three staff and now has more than 100 employees.

Westerby Group comprises three companies: Westerby Investment Management Ltd, a provider of specialist financial, taxation and independent investment advice; Westerby Trustees Services Ltd and SSAS firm Westerby Pension Administration.

Westerby Group’s total assets under trusteeship, administration and advice are over £1.66 bn and the company services more than 5,000 clients.

Westerby's group managing director Stephen Harvey said: “As a strong and resilient business with a proven track record of successfully integrating the businesses we acquire into the Westerby Group, we look forward to extending our expertise to our latest portfolio of new clients.”