Financial advisory and discretionary fund management business Lumin Wealth has bought Hertfordshire-based Enhance Wealth Management for an undisclosed sum.
This follows the acquisition of a 50.1% majority stake in Lumin by Swiss financial services provider VG in May 2021.
The Enhance deal is the fourth for Lumin and it brings group assets under management to around £800m ($1bn, €950m).
Lumin Wealth has operations in London and St Albans.
Future M&A deals
Martin Cotter, managing director of Lumin Group, said: “I would like to thank Peter Flowers, Fiona Read, Sara Moore and the rest of the Enhance team. We are delighted to welcome them to Lumin Wealth.
“We know that our tried and tested integration formula provides an attractive new home for advisers and their teams. Our plan puts the continuity of the client’s financial planning journey at the forefront of everything we do. We continue to look for similar firms who share our values to join the Lumin family.”
Peter Flowers, managing director of Enhance Wealth Management, added: “We are very pleased to be selling our business to such a forward-thinking and innovative company. Lumin Wealth shares the same core values as Enhance; namely putting the client first and delivering consistently excellent customer service.
“Our management teams have known each other for over two decades, so the ease with which we can assimilate Enhance clients into Lumin’s business model was one of the primary drivers behind our decision to join forces. We look forward to working with our new colleagues and building an even better client experience together.”