Wealth manager Towry has acquired Bluefin Personal Consulting (BPC), the Axa UK-owned financial planning unit of Bluefin, for an undisclosed sum.
A deal for the business, which advises on about £500m worth of assets for some 1,500 clients, is expected to complete before the end of the year.
Transferring to Towry will be 19 wealth planners and 70 support staff.
Initially, BPC will continue to operate under the Bluefin brand - and from its existing premises - to ensure a minimum disruption to clients, Towry said.
Andrew Fisher (pictured), chief executive of Towry, said: "We are very pleased to have signed this agreement with BPC, whose advisers have demonstrated a strong track record in building trusted relationships with clients.
"The transaction is in line with our stated strategic objective to grow by acquisition and the BPC proposition will further strengthen and broaden the range of services we can offer to both Towry and BPC clients."
Ed Bradshaw, Axa UK group strategy director, added: "Axa UK is delighted to have reached this agreement with Towry, which is well placed to offer high quality planning and personal financial advice to BPC clients in future."
Historically, Towry, under Fisher, has been an acquisitive business. Earlier this year, the group bought Glasgow-based adviser firm Norscot Financial Services and its wealth management arm George Square Fund Managers for an undisclosed sum.
In 2009, the company, then Towry Law, bought the UK subsidiary of US adviser and investment firm Edward Jones, which at the time brought with it 400 financial advisers and 50,000 clients.
The latest deal represents the second sale of a part of the Bluefin business by its parent: last year, the insurer sold employee benefits unit Bluefin Corporate Holdings, which traded as Bluefin Corporate Consulting, to Capita for £50m. Bluefin Insurance Group, the insurance broking business, remains a part of Axa UK.
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