UK financial planning firm Fairstone Group has acquired Pensions and Wealth Management Services (PWMS) as part of its downstream buy-out (DBO) programme.
The acquisition brings an additional 400 clients into the group together with PWMS’s four advisers and four support staff.
It secures gross fee income of £1m ($1.29m, €1.13m) for Fairstone together with funds under management of almost £200m.
PWMS, which specialises in the management of investment and retirement portfolios, has two offices; one in Harpenden, Hertfordshire and another in Burscough, West Lancashire.
The firm looks to introduce IFA firms slowly into the group through its DBO model.
Lee Hartley, chief executive of Fairstone, said: “Our DBO proposition continues to gain in popularity, particularly among more sophisticated wealth management firms who place significant importance on ensuring that positive customer outcomes are realised as a result of the transaction.
“This marks a great start to the year and reinforces our intent to partner with the highest-quality firms who share our culture as well as our commitment to ensuring client interests are never compromised as a result of a sale.”
The financial terms of the deal were not disclosed.
This latest acquisition comes a few weeks after our sister publication Portfolio Adviser reported that Fairstone Group is on the hunt for a number of acquisitions in the first half of 2019.
