Foster Denovo acquires Chartered IFA adding £220m AUA

Wade Financial brings six advisers and ten support staff

Jenna Brown
clock • 1 min read

Foster Denovo is to acquire Newcastle-based Chartered financial planning firm Wade Financial in a deal that brings £220m in assets under advice (AUA).

The deal, which is subject to regulatory approval, sees six advisers and ten support staff join Foster Denovo. It added the acquisition would create a regional hub to "facilitate further expansion" in the North East. The buyout follows Foster Denovo's £100m backing by Crestline Investors in February 2022. Since the investment, it said it had completed ten internal practice buy outs for 18 advisers, which have "contributed to a tripling of the group's EBITDA".  Chief executive Roger Brosch said: "We look forward to welcoming Stephen, Ian, David and the whole Wade team to Foster Deno...

To continue reading this article...

Join Professional Adviser

  • Unlimited access to real-time news, industry insights and market intelligence.
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters.
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection.
  • Members-only access to the editor’s weekly Friday commentary
  • 
 Be the first to hear about our events and awards programmes.

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Majority of IFAs 'concerned' about artificial intelligence

Majority of IFAs 'concerned' about artificial intelligence

Three in five believe regulations on use of AI tools should be made stricter

Sahar Nazir
clock 08 December 2023 • 2 min read
Model portfolio services outperform adviser platform market

Model portfolio services outperform adviser platform market

NextWealth says 41% of advisers expect to increase MPS use next year

Sahar Nazir
clock 08 December 2023 • 1 min read
PA Working Lunches: Register today to hear from Schroders

PA Working Lunches: Register today to hear from Schroders

Join us for an informative session worth one hour of CPD

Professional Adviser
clock 08 December 2023 • 1 min read