IFA consolidator Fairstone has completed the acquisition of Sterling Asset Management, adding £100m of funds under management and 1,000 clients to the business.
The acquisition of the Leicestershire business will also see Sterling's four advisers and three support staff make the move.
The deal was done through Fairstone's 'downstream buyout model', which integrates IFA firms into the consolidator's business model over the course of a two or three year period prior to final acquisition. It is the fourth deal Fairstone has completed in 2021.
Sterling Asset Management director Simon Knighton said a strong reason for selling to Fairstone was the ability to work with the consolidator before committing to the deal.
He said: "Our relationship with Fairstone means we can take full advantage of the support offered, leaving us with more time available to spend with our clients by utilising their economies of scale and expertise.
"We are delighted to be working with Fairstone who have been good to their word throughout the merger process and remain as focused on quality outcomes for our clients as we are.
Fairstone CEO Lee Hartley added:"We are delighted to complete the final acquisition of Sterling Asset Management which signifies another valued addition to Fairstone.
"Sterling share our core values of putting clients at the heart of everything we do, making them an excellent fit and we have worked closely with the team throughout the integration phase."
