Waverton Investment Management (WIM) has acquired rival London-based IFA firm Timothy James & Partners (TJ&P).
TJ&P founder and managing director Tim Whiting said the deal would boost the firm's purchasing power and help it create lower cost investment products.
"The main objective for me is to have a bigger balance sheet so I can make purchases of retiring IFAs," he said "The second reason is I think we need more control over our investment part of the business."
TJ&P currently manages £1.1bn in funds and brings in £2m a week of new investment business. It manages the finances of high-profile clients, including actors and actresses.
Whiting said with Waverton, which has £6.2bn assets under management, TJ&P could reduce its fees for its clients. The IFA will keep its branding and is expected to use two Waverton portfolios, which will charge about 1.65% on assets under management each year.
He added: "The aim is to have the best quality financial planning and investment business in the west end of London and build that out for the next 10 years."
Waverton will also boost its presence in the financial planning space using TJ&P's advisers. Whiting said the merger would not impact the firm's independence.
Waverton chairman David Rosier said: "This acquisition will see the merger of two highly successful businesses, creating a broader service for all our clients, with Waverton introducing a highly regarded financial planning service and Timothy James & Partners gaining full access to Waverton's global investment management expertise, products and services."
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