IFA firm Chartwell has announced the acquisition of Bristol-based advisory group Broadoak, for an undisclosed sum.
It says the move is part of a “strategic expansion”, aimed at establishing the firm as one of the UK’s top IFA and broker firms.
The acquisition takes Chartwell’s staff numbers to 100, advisory clients to 7,500 and direct and fund clients to 37,000. The group’s total combined annual turnover now exceeds £10m.
Lord MacLaurin of Knebworth remains Chartwell chairman, while former Broadoak CEO Peter Hill becomes the Bristol office managing director.
Chartwell CEO Jim Grant says the values and culture of Broadoak complemented Chartwell perfectly.
“Being based in the south west, we can work particularly closely to bring the two businesses together,” he says. “We’re now ready to take the business forward and this is the next phase of the plan.”
Hill says he is delighted with the takeover.
“Their business model is a natural fit with ours and with the additional resources of Chartwell we will be able to continue to service our clients in an holistic manner,” he says.
“Chartwell is highly respected and known for creating innovative investment solutions, listening to clients and giving them what they need.
“Clients can look forward to receiving a wider range of products, services and market expertise.”
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