Fairstone has acquired Essex-based Andrew Cohen Associates for an undisclosed sum.
Based near Saffron Walden, Andrew Cohen Associates is a whole-of-market advice firm specialising in advice and management of investment and retirement portfolios.
The acquisition brings an additional 850 clients into the group together with Andrew Cohen Associates’ four advisers and six support staff, as well as securing gross fee income of £1m ($1.28m, €1.11m) with funds under management of £150m for Fairstone.
This is the firm’s fourth acquisition of 2020.
Lee Hartley, chief executive of Fairstone, said: “Within Fairstone, we work hard to ensure our proposition gives firms the framework they need to significantly grow their businesses, without compromising on client service or independence.
“Finalising this deal with Andrew Cohen marks a valued addition to our group and continues our scheduled growth plan for 2020.”
Further supporting Fairstone’s measured growth plan, eight firms have joined its unique downstream buy out (DBO) programme so far this year, bringing more than £1.2bn in funds under management to the wider business.
The programme continues to be a core driver of growth for the business, reversing the traditional buy and build approach, with consolidation playing a key role in a firm joining the programme.
The scheme integrates advice businesses into the group within a two-year period.
Most recently, Fairstone signed up advice company Mantle Financial Planning to its DBO programme.