Financial planning solutions provider Benchmark, part of the Schroders Group, has acquired the remaining interest in Redbourne Wealth Management.
According to documents on Companies House, Benchmark has been invested in Redbourne for at least three and a half year, having become ‘a person with significant control’ on 12 July 2018.
A spokesperson for Schroders confirmed to International Adviser that it had acquired a 67% stake at that time.
It has now purchased the remaining 33% stake.
Financial details were not disclosed.
It is Benchmark’s 26th acquisition of an IFA firm, with other deals expected to complete in 2022.
Redbourne will become part of its national advice business and add £310m ($424m, €371m) to its existing £1.8bn in client assets.
Financial planner numbers will rise to 56 across eight offices in the UK, with Benchmark gaining an established presence in the West Midlands.
Benchmark said that the latest acquisition “is a great example of the continuation of [its] strategy to not only expand its own advice business across the UK, but also to support firms with their own, structured efficiency, growth and exit planning”.
Gordon Hay, managing director, Redbourne Wealth Management, said: “We have had a long-standing relationship with Benchmark, who have supported the growth of our business over the last few years, and this is the next phase in securing a strong and aligned future for our clients and our staff.
“Whilst there are many options for firms considering an exit, we believe the values and vision of Benchmark are best aligned with ours, and this allows us to continue to deliver great client outcomes without compromise.”
Ed Dymott, managing director wealth of Benchmark Capital, said: “This acquisition provides continuity for Redbourne’s clients and staff, all of whom will remain in the business. It is a clear demonstration of how we help financial planning firms across their different needs.”