Financial advice firm Foster Denovo has acquired Newcastle-based Wade Financial for an undisclosed sum.
The purchase of the financial planning firm will add six advisers and 10 support staff to Foster Denovo, as well as £220m ($,€267m) of assets under advice (AuA).
Roger Brosch, chief executive of Foster Denovo, said: “From very early on the cultural alignment between our two firms has shone through. As time has gone on, we’ve got to see how they really care about each other and their clients, and how extremely well connected they are in the North East. This is going to be a great new chapter for both our businesses.”
Stephen Conway, managing director of Wade Financial, added: “One of the key reasons for choosing Foster Denovo is its record of investing back into its own people. The Investors in People Gold accreditation and the supportive culture we could see working across all aspects of the business confirmed to us that Roger and his team truly invest in their people and that fits perfectly with our focus, too.”
This news comes after Foster Denovo secured £100m funding from minority stakeholder Crestline Investors, allowing the firm to complete 10 internal practice buyouts for 18 advisers.