Wealth management company Seven Bridges has acquired the north east-based pensions and investment firm Pension Matters.
The financial terms of the deal were not disclosed.
The acquisition will see a team of employees, 600 clients and £110m ($143.6m, €122m) in assets under management transfer to Seven Bridges.
With the addition of clients from this acquisition, Seven Bridges expects to increase its turnover to £1.8m by the end of 2021.
Ryan Parker, managing director at Seven Bridges, said: “Having known the director of Pension Matters for many years, we were aware that the company’s outlook on client service was in line with ours, and this was paramount.
“The acquisition not only brings a large number of new clients to Seven Bridges, with whom we are excited to work alongside, but it also brings new employees with fresh ideas and in-depth knowledge of the industry.
“Their pension and investment offerings provide us with an increased level of diversity and new investment opportunities. We’re sure that this will benefit existing clients and those from the acquisition, as widening our scope of investment strategies will help to protect and grow client assets.”
Seven Bridges is a family-run company founded and run Parker.
The independent financial advice firm offers consultancy on pensions, investments, savings, tax planning and life cover for corporate clients and individuals.
In January 2019, Seven Bridges launched a life insurance advice company called Seven Bridges Life.
The firm is looking ahead to the potential for further acquisitions and has plans to employ 11 members of staff before the end of 2021.
“We are currently getting to know our new clients and team members, whilst continuing to service our existing client base,” Parker added. “Once procedures are in place and truly implemented into the ethos of our firm, we may well look for further acquisitions.”
“Long-term, I hope that we can continue to sustainably expand our client base, our employee numbers and our experience and knowledge.”