M&A

Wealth management group and consolidator Succession has acquired two of its member IFA firms for £3m, as it seeks to reach £7bn of assets by 2017.

Two advice firms have joined wealth management group and consolidation vehicle Succession Advisory Services, bringing £80m to the firm's funds under management.

IFA and discretionary wealth manager AFH Financial Group has acquired Norwich-based independent financial advice firm Omega Consulting in its second deal of the year.

Adviser support services group SimplyBiz has acquired estate planning and will writing business APS Legal & Associates and its subsidiaries Simply Legal & Associates and Assured Probate Services.

GlaxoSmithKline, the UK's largest pharmaceutical group, has agreed to sell one of its businesses to rival Novartis, in a deal which will see it return billions of pounds to shareholders.

Bromsgrove-based independent financial advice firm AFH has acquired Somerset-based IFA Shape Financial in what marks the fourteenth acquisition by the firm since its flotation.

Quilter & Co and Cheviot Asset Management are in talks to combine their businesses via a private-equity facilitated merger.

AFH Financial Group has made its tenth acquisition since floating onto the stock market last year, with the purchase of Chartwell Associates.

ACQUISITIONS

The Financial Services Authority (FSA) has blocked acquisition activity by a financial adviser, questioning her reputation and citing her lack of honesty and integrity.