Advice network Tenet Group has acquired UK wealth manager Derbyshire Booth, as it expands its operation in the north west of England.
The financial terms of the deal were not disclosed.
Derbyshire Booth will retain its brand and continue to trade from its Preston office as a subsidiary of Tenet’s advice company, Aspire Financial Management.
Greg Heath, director of Derbyshire Booth, is staying with the company to help develop the business and shares the Preston premises with Elementum, an acquisition Tenet made in October 2018.
Heath has been a member of Tenet’s investment network, TenetConnect, since 2003 and the sale was made as part of his succession planning.
The firm brings £26m ($34m, €30.3m) of assets under management to the IFA network
This is Tenet’s 13th practice buyout since launching its scheme in January 2018, which offers Tenet’s network member firms an exit strategy for retirement.
The group offers a range of deals; from smaller client bank acquisitions and share purchases, to larger company buyouts.
Tenet spoke to International Adviser about its buyout scheme during an interview a few months ago.