Private equity-backed Amber River Group has acquired Cheltenham-based HDA for an undisclosed sum.
HDA has four advisers and £380m ($509m, €457m) in assets under influence (AuI).
Schroders’ advice subsidiary Benchmark Capital bought a 24% stake in HDA back in 2018 but this was repurchased by the directors of the firm in 2021.
Robin Etherington, HDA chief executive, said: “We’re all very excited to be part of the Amber River family and we’re looking forward to working together with the central team, alongside the regional hub chief executives.”
Mary-Anne McIntyre, Amber River chief executive, said: “It’s fantastic that Robin and the team have chosen to join us. Their business is very well-established and has earned a premium reputation in the Cheltenham and Cotswolds area.”
“From our very first meeting with Robin, we knew we were ideally suited, and we can both see huge potential for HDA to continue to expand their proposition and services with our support, for the benefit of their clients and staff.”
Amber River Group, formerly Socium Group, now has eight IFA businesses across 20 locations in the UK, with 199 advisers looking after over 18,000 clients, and £6.7bn AuI.