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 for free

  • 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

PA360: Advisers urged to harness TikTok as attention spans decline

PA360: Advisers urged to harness TikTok as attention spans decline

'I can see attention spans massively decreasing in the next few years’

Sahar Nazir
clock 26 April 2024 • 1 min read
PA360: Firms must ditch shortcuts to 'organically build team culture'

PA360: Firms must ditch shortcuts to 'organically build team culture'

Firms urged to ‘take time and understand what matters to advisers’

Sahar Nazir
clock 26 April 2024 • 2 min read
Feel Good Friday: Belmayne donates hi-vis vests to primary school

Feel Good Friday: Belmayne donates hi-vis vests to primary school

To help improve the safety of Bradway Primary School’s youngest pupils

Professional Adviser
clock 26 April 2024 • 1 min read