Fairstone has partnered with Norfolk-based firm Allen Tomas & Co adding £120mn in funds under management.
The firm, which is located in Kings Lynn, joins Fairstone's downstream buy out programme which works to expand on the company’s regional presence.
Fairstone said the deal builds on the group’s “best ever six months of dealmaking” and brings around 275 clients, four advisers and 8 support staff to the wider business as well as gross annual fee income of £1.2mn.
Principal Michael Crisp said: “Partnering with Fairstone cements our place in the local community and naturally brings more security for all our clients, staff and professional connections.
“Their business provides the financial strength, compliance framework and stability a smaller firm like ours needs to grow and prosper within a sector that continues to face significant regulatory challenges.”
Meanwhile, principal Ben Allen added: “What excites me about our partnership with Fairstone is the access to their specialist management systems, portals for our clients, investment expertise, technical support and a learning academy for all our staff who want to progress into advisory and paraplanning careers.”
Fairstone said the onboarding of Allen Tomas adds to Fairstone’s already significant footprint in Norfolk and the south east and forms part of the group’s ongoing strategy to provide localised advice with a national level of service.
Lee Hartley, chief executive officer at Fairstone, said: “The team bring a first-class and modern approach to their work, centred around building quality long-term client relationships, making them an excellent fit.”
Earlier this month, Fairstone expanded its operations into five new areas with two acquisitions, bringing in £380mn in assets under management.
The company bought Station Financial IFA situated across three offices - New Milton in Hampshire, and Bridgend and Chepstow in Wales.
It also completed a takeover of Advanced Financial Services, which doubles the firm’s presence in County Durham - the firm has two offices in Newton Aycliffe and Consett.
Meanwhile, in July, the firm partnered with a West Midlands based firm adding £1.5bn in assets to the group.
Prosperity Wealth, based in Dudley, is made up of 63 advisers and 23 operational staff - it has 5,000 clients with £1.5bn in assets under management.
sonia.rach@ft.com
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