Coleman Financial Services is the third financial advisory firm acquired by Punter Southall Aspire in the past 12 months and will expand its personal financial planning business in the south of England.
The deal brings £275m ($355m, €313m) in assets under advice to Punter Southall Aspire, as well as a team of 24 staff based at offices in Poole, Exeter and Southampton.
The acquired firm offers a range of financial advice to corporate and retail clients; including wealth management, pension and retirement planning, mortgage advice, tax and trusts planning, later life and investment solutions.
Steve Butler, chief executive of Punter Southall Aspire, said: “Under the direction of the firm’s managing director Simon Fisher, the business has gone from strength to strength and has an impressive team serving a broad range of retail and corporate clients. This acquisition will extend our client base and is strategically important and key to our ambitious growth plans.”
The financial terms of the deal were undisclosed.
Establishing the business
Punter Southall Aspire established its financial planning business in June 2018 and recently appointed Peter Selby as its managing director of retail advice, who will lead and grow the business.
Butler told International Adviser that there could be potentially more acquisitions in 2019, as they look to “cover all geographies” across the UK, and they are looking for “high quality advice firms in target geographic areas to support strategy of building national business”.
He added: “Punter Southall Aspire will continue to make acquisitions and organically growth the business to continue its strategy of building an integrated corporate and retail advice business in the UK.
“We hope to build an integrated corporate and retail advice business with a national footprint able to support at retirement advice for clients of all sizes.”
The firm has around £4bn in assets under advice, 1,200 private clients and around 100 employees.