London-based advice firm HFMC Wealth has bought fellow chartered firm Weston Cummins, adding £350mn of assets under advice.
The deal, which was completed at the end of June, saw all Weston Cummins' client-facing staff retained.
Alan Weston, Nick Frank, Steve Powis and Joseph Bacon will all continue to oversee their key client relationships, the firm said.
The deal will see Weston Cummins’ 265 high net worth families continue to be advised under HFMC Wealth.
Weston Cummins director, Alan Weston said the decision to join another firm “wasn’t an easy one”.
“For some time we had been considering whether we should grow our own business, take on more clients and advisers, or seek a partner that had already gone through those growing pains and was already placed to provide fantastic advice with an exceptional range of services,” Weston explained.
In the end, the firm decided that joining a large firm was the best way to deliver for its clients.
“I promised myself that I would always look after my clients, and I am confident that I am doing just that whilst joining HFMC Wealth. They are an award-winning firm with client-aligned values that are clear for all to see,” he added.
HFMC Wealth executive director Ross Ibbotson noted that the Weston Cummins acquisition is a continuation of the firm’s growth strategy.
“We continue to pursue other potential acquisitions with like-minded wealth and financial planning firms and expect further deals to be agreed in 2024 as we continue our growth strategy.
"We are building a sustainable financial planning and wealth management business that retains the depth of understanding and relationship that comes with being a client focussed business whilst providing the range of services normally associated with a private bank,” Ibbotson said.
HFMC Wealth was founded in 1986 and is owned entirely by active members of staff.
With offices in London and Weybridge, the firm has an advice team of 37 planners.
The business now has over £2bn of assets under advice and management.
jane.matthews@ft.com
