Consolidator Fairstone Group has made its seventh acquisition of the year by acquiring north west-based Octagon Wealth Management.
The purchase highlights Fairstone's downstream buyout (DBO) programme model, which sets out to ensure companies are fully integrated with the group prior to full acquisition, with a view to providing a seamless transition for clients and staff.
Octagon will add 800 clients to the group, adding more than £150m funds under management (FUM) and a gross fee income of £1.10m.
In June, the consolidator added £120m FUM to its network by fully acquiring Leicester-based Bankfield Financial Advisers and Devon-based South West Financial Planning.
Fairstone CEO Lee Hartley said the firm was "delighted" to complete the final acquisition of Octagon: "Finalising this deal with Octagon brings another valued business into Fairstone and continues our excellent growth plan for 2019."
Octagon company principle Richard Hollington added: "While we have been integrated into the Fairstone family for over two years now, by being fully absorbed into one of the largest Chartered financial planning firms in the UK, our clients can be even more confident that we will be there for them for the long term."
He said the acquisition would allow Octagon to take full advantage of the support offered by the consolidator, leaving the business more time to spend with clients.
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