Newcastle-headquartered Fairstone Group has bolstered its presence in the south and east of England with the acquisition of two IFA firms.
This comes after the business made eight acquisitions in 2019 via its downstream buy-out (DBO) model, which integrates advice businesses into the group within a two-year period.
It has bought Hamlyn Financial Services in Norfolk and Hertfordshire-based Wagstaffs Wealth Management through the scheme,
Lee Hartley, chief executive of Fairstone, said: “Finalising these deals brings two more valued businesses into Fairstone and is a good start to our growth strategy for 2020.”
Numbers
Hamlyn Financial Services specialises in pensions and investments and brings around 2,500 clients into the group, along with six advisers and seven support staff.
The acquisition also secures gross fee income of £830,000 ($1.08m, €981,169) for Fairstone, as well as £113m in funds under management (FuM).
Also, the deal for Wagstaffs Wealth Management brings 330 clients into the firm, along with three advisers and four support staff.
Fairstone will gain more than £1m in gross fee income and around £150m in FuM.
The financial terms of the deals were not disclosed.
Most recently, Fairstone bought Stockton-based Chilli Financial for an undisclosed sum in December 2019.
