Fairstone has 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.
Fairstone said the deal creates the foundation for a new West Midlands hub.
The firm joins Fairstone's downstream buy out programme which works to expand on the company’s regional presence.
Fairstone CEO, Lee Hartley, said: “Over the last 13 years the team has developed a hugely successful business in a geography that strategically, Fairstone has been keen to target.
“The team are admirably ambitious and in recent years have harnessed the power of their professional connections to achieve significant organic growth alongside a strong local brand.”
During the partnership period, Fairstone will act as an investment partner ahead of a future sale.
Prosperity Wealth CEO, Matt Bell, added: “For a number of years we have looked for the right partner, in terms of values, culture and market credibility whilst maintaining full, whole of market independence.
“Collectively, we strive to give all clients a valued and trustworthy experience at every opportunity by putting them at the centre of everything that we do. We are all very excited to enter the next chapter of our journey with Fairstone.”
Fairstone, has 46 locations across the UK overseeing £15bn funds under management for over 45,000 wealth clients.
In May, the group added £450mn of funds with the purchase of Essex-based Sacre Associates.
This followed the purchase of Spalding-based advice firm, MT Financial Management which added £200mn.
tara.o'connor@ft.com
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