Consolidator Fairstone has acquired a West Midlands-based firm, as it adds adding £1.5bn in of assets to the business.
Prosperity Wealth is based in Dudley and is comprised of 63 advisers and 23 operational staff who service 5,000 clients. Fairstone has bought in the firm via its downstream buy out (DBO) programme - creating a new West Midlands hub. The consolidator said its DBO programme aims to support the expansion of firms that are "already operating at significant scale". The deal means that Fairstone will provide centralised resource, technology, and capital to Prosperity Wealth, which is led by managing director Matt Bell. Fairstone chief executive Lee Hartley said: "Over the last 13 year...
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