Consolidator and financial planning giant Fairstone has made its eighth acquisition of the year with the purchase of North East firm Chilli Financial.
The purchase of the Stockton-on-Tees adviser firm has added 400 clients to the advice consolidator, two advisers and £80m funds under management to Fairstone.
Fairstone chief executive Lee Hartley said: "We have worked closely with Chilli over the past two years through our proprietary downstream buyout (DBO) programme and we are delighted to now complete their final acquisition.
"Our DBO proposition continues to gain in popularity, particularly among more sophisticated wealth management firms who place significant importance on ensuring that positive customer outcomes are realised as a result of the transaction. Finalising this deal with Chilli brings another valued business into Fairstone and continues our excellent growth plan for 2019."
Fairstone's DBO process sets out to ensure companies are fully-integrated with the group prior to acquisition, with a view to providing a seamless transition for clients and staff.
Newcastle-based Fairstone operates across 48 locations, has 560 advisers and acts for more than 59,000 clients. The firm has 560 advisers and staff, acts for more than 59,000 clients and oversees £10.8bn in client investment assets.
Recently, Fairstone acquired Octagon Wealth Management, whichadded moret than £150m funds under management to the firm.
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