Bristol-headquartered RC Brown has completed the acquisition of Stourbridge IFA firm Portcullis Financial Planning for an undisclosed sum.
The deal adds £30m ($39.2m, €33.2m) to the UK wealth manager’s £260m of assets under management.
Portcullis is run by owner Jonathan Thompson, who manages around 200 clients and will join RC Brown.
Alan Beaney, investment director of RC Brown, told International Adviser that deal will help the firm form a “mini network” for financial advisers.
He said the firm wants to attract more IFAs either through acquisition or by providing an umbrella service via the regulatory licence obtained from the Portcullis purchase.
RC Brown will be looking to attract firms to the network in a bid to then move assets to the wealth company.
“It has become apparent that IFAs are channelling funds to themselves and the intention is that we if we can’t beat them, we’ll join them,” Beaney added.