Fairstone Group has increased its funds under management (FUM) by a further £260m after completing its acquisition of DHD Wealth Management 11 months ahead of schedule.
Led by principals Aled Davies, Clive Davies and Denise Jacob, DHD is a firm of independent financial advisers that provides advice to clients throughout Wales on all aspects of investment, pensions, life insurance and tax planning.
The acquisition, which began when DHD entered into Fairstone's downstream buy-out programme in April 2016, will see four advisers and five support staff join the group. It will bring total revenue of £1.5m to Fairstone.
Fairstone chief executive Lee Hartley (pictured) said: "The integration and due diligence process with DHD progressed exceptionally well and thus the date of this acquisition was duly accelerated."
He added: "As a more mature business than we would typically see from a firm of this size, the speed of integration stems from the fact DHD is extremely organised, with clear systems and controls in place."
DHD's Jacob acted as a dedicated manager of the acquisition, which Fairstone said also helped ensure a smooth integration process.
DHD principal Aled Davies said: "For us it was vital to be able to spend more time with our clients and to leave the regulatory and operational side to the experts at Fairstone.
"Prior to working with Fairstone, I was disillusioned with the increasing level of compliance and regulatory workload and I'm now looking forward to concentrating on what I enjoy best, which is directly advising clients."
Fairstone announced it had partnered with DHD in October 2016. Harefield-based IFA RGA also joined Fairstone in October and this was followed by the acquisition of Leicestershire-based My Wealth Management in December 2016.
The advice firm consolidator, one of the UK's fastest-growing Chartered Financial Planning firms, then lined up the acquisition of three more adviser firms - Campbell Harrison, Mortgage Find and Pensions & Wealth Management Services - in March.
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