Financial planning company HFMC Wealth has acquired London-based advice firm Weston-Cummins for an undisclosed sum.
The purchase will see all Weston-Cummins client-facing staff being retained including Alan Weston, Nick Frank, Steve Powis and Joseph Bacon, who will continue to oversee their key client relationships.
The acquired firm advises some 265 net worth families and will add approximately £350m of assets under advice to HFMC Wealth, which now has over £2bn ($2.54bn, €2.33bn) of assets under advice and management.
Robb Ibbotson, executive director at HFMC Wealth said: “The acquisition of Weston-Cummins is a continuation of our growth strategy, making carefully selected acquisitions that align with our values. We look forward to working with like-minded people in an environment where they can thrive and continue to do the right things, whatever that may be, to deliver exceptional service and advice to their clients.
“We continue to pursue other potential acquisitions with like-minded wealth and financial planning firms and expect further deals to be agreed in 2024 as we continue our growth strategy.”
Weston-Cummins majority owner and director Alan Weston added: “The decision to join another firm wasn’t an easy one. For some time we had been considering whether we should grow our own business, take on more clients and advisers, or seek a partner that had already gone through those growing pains and was already placed to provide fantastic advice with an exceptional range of services.
“We have felt for some time that joining a larger firm would be the best way to deliver the wider range of services we wish to provide our clients, whilst also providing a controlled succession to my ownership of the business over the coming years.”
This is the firm’s second acquisition in 2023 after HFMC Wealth bought R&S Financial Planning for an undisclosed sum to strengthen its London office.