Fairstone has acquired south Wales-based UskVale Financial Planning for an undisclosed sum.
Based in Pontypool, south east Wales, UskVale, is a whole-of-market advice firm specialising in the management of investment and retirement portfolios.
The acquisition brings 700 clients into the group together with UskVale’s three advisers and six support staff.
It also secures gross fee income of £1.2m ($1.62m, €1.33m) for Fairstone together with funds under management of £120m.
This is the firm’s sixth acquisition of 2020 after it bought Cube Financial Planning in November for an undisclosed sum.
DBO scheme
Further supporting Fairstone’s measured growth plan, eight firms have joined its unique downstream buy out (DBO) programme so far this year, bringing more than £1.2bn in funds under management to the wider business.
The programme continues to be a core driver of growth for the business, reversing the traditional buy and build approach, with consolidation playing a key role in a firm joining the programme.
The scheme integrates advice businesses into the group within a two-year period.
Most recently, Fairstone signed up advisory business Sabre Financial to its DBO programme.