Oxfordshire-based CMS Financial Management has acquired advice firm Asset Wise Associates (AWA).
The financial terms of the deal were not disclosed.
Buckinghamshire-based AWA has around £120m ($153m, €132m) in assets under management and has eight staff members.
Debbie Ormerod and Paul Ormerod, principals of AWA, will remain at the company, along with the rest of the staff, before they move into retirement.
Shared values
CMS said in a statement: “It was clear from the start that Paul and Debbie cared deeply for their clients and continuity of quality advice.
“We will be welcoming AWA clients into the group and will be spending time ensuring their existing high standards of advice and service continue in the future.”
Paul and Debbie Ormerod added: “Over the past two years we interviewed over a dozen companies, none of whom we felt shared our values in the way CMS do.”
Growth
This is CMS Financial Management’s seventh M&A deal.
The firm has around £550m in AuM and CMS told International Adviser that it is targeting £1bn in AuM over the next four years.
Recently, IA published an article on a webinar from consultancy firm Gunnar & Co, which said that not even covid-19 can curb M&A-hungry advice firms.
