UK wealth manager buys financial planning firm

Deal adds £300m of assets under management to the group

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London and Fareham-based wealth manager Saltus Group has acquired Farnham-headquartered advice company Fish Financial for an undisclosed sum.

Fish Financial was established in 2007 by Ian Colley to provide financial planning and wealth management advice to high net worth individuals and business owners. The firm manages £300m ($414m, €349m) of client assets and employs 16 people.

The acquisition will see all Fish Financial staff move over to Saltus, while Colley, Mark Turnbull, and Stephen McMillan will become partners in the Saltus Group.

Fish Financials’ Farnham offices will be retained, with all clients continuing to be served by their adviser and team, supported by the wider Saltus business.

‘Acquirer of choice’

Established as an investment management business in 2004, before launching Saltus Financial Planning in 2015, the Saltus Group employs more than 90 people and manages more than £2bn in assets.

The Fish Financial deal for Saltus follows the acquisitions of Lorica in 2020 and Consilia in March 2021, as it looks to become an “acquirer of choice” for owner-managed firms.

Jon Macintosh, managing partner at Saltus, said: “It was clear from the outset that this was a meeting of minds. We were introduced independently by two separate parties who recognised that we were a few years ahead on the journey Fish wished to embark upon from a technology and proposition perspective.

“During the process of getting to know Ian and the team, we have found the business to be one of the most professional and well organised advice businesses we have come across.

“Long-established firms like Fish have delivered for clients over many years, and often reach a point when they are looking to take their business to the next stage. Saltus has invested heavily over the years in making both the client and employee experience better – and it’s our job to make sure that Fish clients and staff can both take full advantage.”

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