Advisory network Tenet Group has bolstered its operation in the north west of England with a practice buyout.
It has purchased the client assets of Preston-based Colin Galbraith Independent Financial Services for an undisclosed fee.
This follows Tenet’s acquisition of wealth management firm Derbyshire Booth in April.
Colin Galbraith, who founded the firm, has been a Tenet network member for over 24 years and the sale was made as part of his succession planning for retirement.
Tenet’s chief executive, Mark Scanlon, said: “This acquisition offered a great opportunity to further develop our north west hub, as well as aid the retirement of a long-serving Tenet member, giving Colin peace of mind regarding the continuity of advice standards for his clients.
“Our practice buyout scheme continues to attract a lot of interest and offers a range of deals for member firms, from smaller client bank acquisitions and share purchases, to larger company buyouts.”
International Adviser spoke to Tenet in February to discuss its five-year plan and ideas for its buyout scheme.
Completed deal
Elsewhere, the financial advice network of Quilter, Intrinsic Financial Services, has completed the acquisition of IFA firm Lighthouse for £46.2m ($59m, €52m).
In April, IA reported that the deal will add around 400 financial advisers to Intrinsic’s existing network of over 3,500.
It also includes subsidiaries Lighthouse Financial Advice and Lighthouse Carrwood.
Following the completion of the deal, Malcolm Streatfield, chief executive of Lighthouse, will report to Andy Thompson, chief executive of Quilter’s advice businesses.
Quilter and Lighthouse will be working closely on integration plans over the coming months and will provide a progress update.
Thompson said: “Since the announcement of our offer we’ve had an opportunity to work a little more closely with Lighthouse to better understand their culture, operations and model.
“We are excited to continue to grow that understanding and work together, taking the best of both businesses, to become a stronger combined business.”
Tavistock
Before the completion of this deal, Lighthouse held 5.3% of shares in UK-based wealth firm Tavistock.
However, in May, the firm terminated its strategic alliance with Lighthouse due to Quilter’s acquisition.
IA understands that Quilter will take over the stake in Tavistock but said it will only be a shareholder.
