IFA consolidator Perspective Financial Group has acquired its tenth firm after securing Kent-based Professional Investment Management Services (PIMS).
PIMS, based in Maidstone and founded in 1987, is operated by three directors and turns over £1m a year, with a recurring income of approximately £500k.
The company, which specialises in investments and mortgages advice, will retain its brand while directors Glynn Downton, Neil Brenchley and Kevin Mullins will remain in place.
Perspective, which earlier this year boosted its acquisition facility to £12.5m, says the deal will not be its last in 2009.
"Consolidation should not simply be a numbers game where the focus is only on the number of advisers at a firm," managing director Damian Keeling says.
"We have always stated Perspective is only interested in quality, profitable firms and this purchase is further proof of our ongoing strategy.
"t is also our stated aim to provide acquired firms with the financial backing to allow them to make their own local purchases and we hope to bring a number of new firms under our umbrella using this method."
Market anticipates a May hike
Newly-formed Mobius Capital Partners
Failed to meet yield requirments
Almost tripled year-on-year
Stochastic modelling for decumulation