Independent wealth manager MKC Wealth has acquired IFA firm Genius Wealth Management for an undisclosed sum.
Northwich-based Genius has £150m ($182m, €179m) of assets under management and advises 300 private clients.
Iain Crawford, managing director of Genius, joins MKC Wealth in an ambassadorial role as he moves into retirement. Toni Haynes, Genius chief operating officer, joins MKC as senior compliance and operations manager along with two chartered advisers and six support staff.
All staff will be based at MKC Wealth’s Stockport office. The business will operate under the MKC brand.
Hit £1bn mark
Dominic Rose, chief executive of MKC Wealth, said: “In keeping with our strategy of building a quality wealth management business we are completing selective acquisitions particularly where it is clear that we can be ‘the safe pair of hands’ that retiring principals want to look after clients.
“There is such a strong cultural alignment between the Genius and MKC teams. I am delighted that the whole team has joined us meaning we have been able to facilitate the retirement of the business owner whilst giving the rest of the team the opportunity to thrive with us for the long term.
“Iain will play a significant role in the transition of clients to MKC Wealth. We are ahead of our initial plans and now have over £1bn of assets under advice. More importantly all our staff, including the Genius team, are rewarded directly based on feedback from our clients and have also become shareholders in the business we are building together.”
Cabot Square Capital-backed MKC Wealth has already made one acquisition in 2022 with the purchase of advice company Anthony, Bryant & Company for an undisclosed sum.