Schroders Group subsidiary Benchmark Capital has completed the acquisition of Derry-headquartered Waterhouse Financial Planning for an undisclosed sum.
This acquisition establishes a presence for Benchmark in Northern Ireland and will add over £120m to the existing £2.1bn ($2.63bn, €2.46bn) of client assets in its national advice business.
It also increases Benchmark’s total number of financial advisers to 64 across seven offices in the UK.
The Waterhouse team will remain in the business following the acquisition, providing continuity of service to clients.
Thomas Leonard will focus on developing the business across the region, with Sinead Meenan leading the financial planning practice.
Benchmark and Waterhouse see “significant growth opportunities” in Northern Ireland and are committed to building on their presence in Derry, as well as looking at further expansion in the region.
Benchmark has invested in new offices in Derry to support recent growth and to provide an opportunity to further build the local team and expand the business.
Ed Dymott, managing director of wealth at Benchmark Capital, said: “We are excited that Waterhouse has become part of Benchmark and see significant opportunities to further develop the business in Northern Ireland. Waterhouse initially partnered with Benchmark in 2018 and has subsequently been able to benefit from our combination of technology, compliance and practice management services to support the growth of their business.
“Waterhouse has a fantastic reputation with a great client base and employs some of the best chartered financial planners in the region. We are not only delighted to have supported the growth of the business over the last few years but to also now be able to help realise value for the directors in a way which provides the best outcomes for their clients and team.
“We look forward to working with Tom and Sinead in the next phase of the growth of their business.”