Advice and wealth management company Solomon Capital Holdings has bought UK firm Gale and Phillipson for an undisclosed sum.
This follows Solomon’s purchase of Beaufort Financial and You Asset Management in June 2022.
The deal will see Solomon take full ownership of Gale and Phillipson with chief executive David Carr joining the executive team at Solomon following completion.
Founded in 1988, Gale and Phillipson has offices in London, Newcastle, Richmond and Northallerton from where its 34 advisers oversee the assets and financial affairs of over 3,500 clients.
The business also has its own discretionary fund management arm with around £500m assets under management and an additional £900m ($1.04m, €1.04m) assets under advice.
Simon Goldthorpe, vice chairman of Solomon, said: “The acquisition of Gale and Phillipson means we now have the best possible foundations in place to really step up our acquisition and onboarding process.
“With a strong pipeline of high-quality deals already in place we will be adding considerable scale to the business over the coming months as we deliver on our aim to create a leading national advice and wealth management business serving in excess of 50,000 clients.”
Solomon was set up by former Quilter Financial Planning chief executive Andy Thompson and chief financial officer Darren Sharkey. The business is being backed by global private equity firm JC Flowers & Co.