UK-headquartered wealth manager Brooks Macdonald has bought Manchester-based Adroit Financial Planning from Slater and Gordon UK for an undisclosed sum.
Adroit specialises in personal injury and clinical negligence.
The acquisition will add around £350m ($382m, €393m) in assets under advice and approximately 650 clients to the group. Brooks Macdonald added that all Adroit staff will transfer to the firm post-acquisition, with no redundancies or impact on clients.
Adroit and Slater and Gordon UK (S&G) also signed a referral agreement to continue their work together. The transaction is part of S&G’s reorganisation of the business which will be separated in two: the essential legal services arm and the specialist legal services division.
Adroit’s head of financial planning services, Neil Jeffries, will continue leading the firm post-acquisition.
Andrew Shepherd, chief executive of Brooks Macdonald, said: “We have worked closely with Neil Jefferies and the team at Adroit since the early days of the firm. We admire their technical expertise and approach to clients, and we are delighted to give them the opportunity with Brooks Macdonald to build and accelerate on their existing strong foundations.
“An integral part of our proposition is to offer successful IFA partners like Adroit an opportunity to become part of a larger wealth management firm, adding both scale and capability, when the time is right for them.”
Jefferies added: “The move to Brooks Macdonald will be seamless and smooth as we will continue to provide the same level of service to Slater and Gordon clients as well as those introduced from our existing network of law firms.”
Brooks Macdonald recently acquired Integrity Wealth Holdings and its subsidiary Integrity Wealth Solutions for an undisclosed sum.