Financial planning group snags IFA with £675m assets under management

Nottingham-based financial planning firm Wren Sterling has acquired an IFA which manages around £675million on behalf of its clients.

Wren opted for Mutual Financial Management LLP, of Wilmslow, for an undisclosed amount – his first deal since Lightyear Capital completed a secondary management buyout of the firm in late 2021 and the largest to date.

The deal is subject to FCA approval.

The mutual has about 1,100 customers. Its 29 employees and partners will all be part of the Wren Sterling group. The firm’s managing partner, Austin Hutchinson, will continue to lead the business and join the Wren Sterling executive committee.

The deal brings the total AuM acquired by Wren Sterling over the last 3 years to over £1 billion and brings his own total AuM to over £5.4 billion.

Ian Darby, Executive Chairman of Wren Sterling, said: “I am delighted to welcome Austin, his fellow partners and all of Mutual’s staff to Wren Sterling. Acquiring a business of this caliber and scale is truly a game-changer for us and shows the company’s renewed ambition following Lightyear’s investment.

“What really sets Mutual apart are its people, who are very enterprising and innovation-driven and share our commitment to the highest levels of customer service. Additionally, adding DFM capability gives us the ability to enhance our offering for certain clients who may benefit, while remaining fiercely protective of our role as independent financial planners.

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