Wealth manager Bowmore has said it is looking to acquire £10m worth of small financial adviser and fund management businesses to aid the firm's growth.
The firm, which has 25 staff and holds more than £350m of assets under advice (AUA), said its aim is to target advisers with up to £100m AUA, and fund managers with up to £200m funds under management.
According to Bowmore, there are a large number of financial advisers and fund managers that are facing rising costs and shrinking margins that could benefit from working with a larger business.
Bowmore CEO Mark Incledon said: "We are looking for high quality, independent businesses to grow with us. We have a family business ethic at our core which we think makes our business a much more comfortable place for former independents that join us. We are much more sensitive to their working practices and culture. We're only going to acquire a firm that has a good cultural fit.
"I know how difficult it can be for smaller advisers and fund managers to scale up to a level where margins and profits are a decent reward for all your work. What we are offering independents is a very professional platform from which they operate, maintain their client relationships and have a seat at the table."
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