UK financial planning firm Fairstone has completed its second acquisition of 2019.
It purchased Leicester-based Brett & Randall Financial Services as part of its downstream buy out (DBO) model, which slowly integrates IFA firms into the group.
Brett & Randall specialises in the management of investment and retirement portfolios.
The acquisition brings an additional 420 clients into the group together with Brett & Randall’s three advisers and seven support staff.
Fairstone will gain an extra £1.3m ($1.7m, €1.5m) in gross fee income and more than £200m in funds under management.
The financial terms of the deal were not disclosed.
Lee Hartley, chief executive of Fairstone, said: “Through our unique DBO programme, which reverses the traditional buy and build approach in favour of an integrate, grow, and acquire model, we are able to help our partners achieve very significant levels of organic growth.”
At the end of February 2019, the firm acquired Pensions and Wealth Management Services (PWMS), its first deal of the year.