Punter Southall Financial Management (PSFM) has announced it will acquire 100% of the share capital of City Assurance Consultants (CAC) for an undisclosed sum, as part of its continuing expansion.
The independent financial adviser and employee benefits and healthcare consultancy says CAC will benefit from the strength and breadth of the whole Punter Southall group.
Currently employing over 700 staff in the UK, the group provides a complete range of employee benefits and investment-related services for individuals, companies and pension scheme trustees.
CAC is a firm of IFAs providing financial advice to corporate and private clients. The firm, established in 1960, currently employs 25 staff in its Redhill office.
The planned acquisition of CAC follows a continuous period of growth for PSFM which now employs 180 staff across 12 regional offices.
Paul Johnston, managing director of PSFM, says CAC provides an excellent cultural and strategic fit necessary for a successful acquisition.
“It has been highly successful in both the private client and employee benefits space in recent years and has built an impressive portfolio of clients.
“We are excited to be working with a company with strong growth ambitions and look forward to our combined expertise widening the range of advisory services available to clients. We also look forward to offering employees greater opportunities for career development.”
Steven Rimmer, chief executive of CAC, believes the deal will be positive for CAC’s clients who will have the benefit of being part of a larger group.
“We are confident that our respective companies share similar values and that our long standing history coupled with our innovation and client service will be complemented by the resources of the Punter Southall group. This transaction will allow us to further develop our levels of professionalism and support our next phase of development.”IFAonline
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