Financial advice and discretionary fund manager Lumin Wealth has acquired Essex-based IFA firm Ashridge Financial Management for an undisclosed sum.
The acquisition will add more than £85m ($103.82m, €99.1m) of assets under management to the Lumin Group. Its total AuM now stands at over £860m.
All three Ashridge staff members, including adviser Gary Treen, will join Lumin as part of the deal.
It is Lumin’s second acquisition of 2022 and fifth deal of all time, after it bought Hertfordshire-based Enhance Wealth Management for an undisclosed sum in March.
Martin Cotter, managing director of Lumin Group, said: “This partnership further enhances Lumin’s ability to offer expert advice to a wider audience in line with our expansion plans.”
In May 2021, Switzerland-headquartered financial services provider VZ Group acquired a 50.1% stake in Lumin Wealth for an undisclosed sum.