Shareholders have unanimously approved Tavistock Investments' acquisition of Standard Financial Group, merging to form one of the biggest advisory networks in the UK.
A general meeting held last week finalised the purchase, meaning the business now has £3bn under advice, with 65,000 client assets managed by 300 UK-based financial advisers.
As well as the extra £2.7m raised through both placing and subscription, Tavistock said it now has an additional £355,000 from its existing shareholders.
Tavistock said the acquisition of Standard Financial Group, which is the parent company of Financial Ltd, has meant the advice network is now the seventh largest in Britain.
The FCA has also approved the transaction, and chief executive of Tavistock, Brian Raven, said the firm’s focus is now on integrating its operations.
With more than 150 million new ordinary shares of 0.01p, the firm’s share capital will comprise more than 270 million ordinary shares.
Raven said: “We are delighted to bring this deal to a conclusion and to have had the unanimous support of our shareholders in doing so.”