Financial planning firm raises AUA to over £1.1bn with dual acquisition

Tue, 23 Aug 2022 | BUSINESS SALE

Financial planning and wealth management firm Finitor Wealth has completed a dual acquisition, which it says takes its assets under administration (AUM) to more than £1.1bn. The group acquired Leamington Spa-based consultancy Ascent Financial Consulting and the Financial Management Bureau (FMB) headquartered in Cumbria.

Ascent Financial Consulting comprises a three-person board and brings in around £190m in AAU. FMB, meanwhile, which is based in Kendal, brings in eight advisers and over £250m in AAU. After the acquisition, both businesses will retain a high degree of autonomy, with Finitor providing support to drive future business growth.

The acquisitions were backed by investments from private equity firm Rockpool Investments and Finitor said Rockpool’s financial backing would enable it to continue its expansion. Founded in 2018 by CEO Paul Stokes and Chief Financial Officer Richard Rhodes, Finitor has grown rapidly in the highly fragmented wealth management market and reaching £1.1bn in AUA represents the latest stage in the growth of the company.

Amid continued fragmentation in the UK wealth management industry, M&A activity in the industry is expected to remain strong for years to come, with much to be led by private equity investors like Rockpool.

Commenting on the acquisitions, Finitor CEO Paul Stokes said: “Finitor Wealth is delighted to have raised investment from Rockpool and this investment has allowed us to grow through the exciting addition of two high quality companies. , Ascent Financial Consulting and FMB. We look forward to working with the FMB & Ascent teams as they continue their respective journeys.

Learn about the growing wave of M&A activity in the UK wealth management industry and the future outlook for deals in the industry.

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