Fairstone has acquired south west-based Sovereign Wealth Management for an undisclosed sum.
Sovereign WM, which has offices in Bath and Bristol, is a whole-of-market advice firm specialising in the management of investment and retirement portfolios.
The acquisition brings 1,500 clients into the group together with Sovereign’s eight advisers and one support staff.
The deal also secures gross fee income of £1.25m ($1.68m, €1.38m) for Fairstone.
This is the firm’s seventh acquisition of 2020 after it bought UskVale Financial Planning in December for an undisclosed sum.
DBO scheme
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 advisory business Sabre Financial to its DBO programme.
