Close Brothers Asset Management has acquired Surrey-based IFA PMN Financial Management as part of its growth strategy.
PMN was founded in 1992 and currently manages nearly £300m of assets for its high net worth client families. The firm’s partners, advisers and support team will all join Close Brothers AM as part of the agreement.
Close Brothers currently operates from London, Bristol, Chester, Manchester, Gatwick, Farnham, Newcastle, the Midlands, Northwich, Edinburgh and Glasgow.
It said the PMN acquisition helped to extend the business’ regional footprint along the Surrey and Hampshire border.
Martin Andrew, chief executive of Close Brothers AM, said: “I am delighted to welcome PMN to the CBAM family, an acquisition which further underlines the fact that we are a dynamic and growing business.
“Not only is PMN a highly successful and trusted provider, but crucially, the business has deep cultural synergies with CBAM. Our success is built on our dedication to put clients at the centre of everything we do and PMN share that commitment and focus.
“I know that the team will hit the ground running and be a real asset to the wider CBAM team.”
This acquisition comes as Close Brothers AM saw managed assets increase by £1bn to £14.8bn in the three months to April 30, as total client assets increased to £16bn, from £14.9bn at the end of January.
The firm also saw a rise in inflows to 6 per cent for the period, compared with 4 per cent for the previous quarter.
sonia.rach@ft.com
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