MKC Wealth has acquired an advice firm in Derbyshire along with the client bank of a Bury-based IFA, it announced today (12 December).
The City of London boutique wealth manager and consolidator paid an undisclosed sum for Buxton firm Crescent Independent, as well for the clients of retiring IFA Christine Brearley.
Crescent Independent was an authorised representative (AR) of Tenet and currently services about 188 households with a combined £70m of assets.
Founders Steve Penn and David Brooks said: "We built up our business entirely by word of mouth, initially advising private clients and then adding a significant number of corporates. Over the last year we have been planning a smooth succession before we retire. "
Off the process, they said they were "introduced to numerous prospective buyers and were made lucrative offers, but money was not the main factor in our decision".
"It is most important to us that clients should continue to receive first class and independent financial advice," they added.
Brearley - a former AR of PI Financial - brings another £20m in assets to the business, along with 50 households. She has now officially retired.
"I wanted the best possible fit for my clients and not just sell out to a major national firm, which would have been all too easy. Quite the opposite."
The deal today follows the consolidator's October purchase of fellow acquirer Holborn Financial.
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