Brooks Macdonald has bought Manchester-based Adroit Financial Planning, adding around £350mn assets under management to the firm.
The firm, which was bought from Slater and Gordon, specialises in personal injury and clinical negligence with approximately 650 clients.
The purchase will see all of Adroit Financial Planning’s staff move across to Brooks Macdonald, with the firm saying there will be no redundancies or impact on clients.
The acquisition is part of Brooks Macdonald’s plan to grow through “selective, high-quality M&A”.
The announcement follows the purchase earlier this year of Warwickshire-based IFA Integrity Wealth, subject to regulatory approval later this year.
Speaking to FTAdviser earlier this month, Brooks Macdonald's chief executive, Andrew Shepherd, said while the firm does not set out to be a consolidator of IFAs, going forward it expects to make further acquisitions.
The Adroit sale forms part of Slater and Gordon’s recent strategic reorganisation, which created two separate parts of the business – Essential Legal Services and Specialist Legal Services.
Adroit will continue to work closely with Slater and Gordon to ensure clients have the support they require, the firm said.
As part of the transaction, Adroit and Slater and Gordon will sign a referral agreement to support this.
In a statement, the firms said: “Clients will see no change to their products and services and, over time, will see the benefits from the support and infrastructure of a larger wealth management firm.”
Adroit's head of financial planning services, Neil Jefferies, will continue to lead the team, alongside contributing to the broader Brooks Macdonald business.
Shepherd said: “An integral part of our proposition is to offer successful IFA partners like Adroit an opportunity to become part of a larger wealth management firm, adding both scale and capability, when the time is right for them. A shared culture and a focus on delivering a quality service provide a solid foundation from which to take advantage of exciting growth opportunities.
The deal is subject to regulatory approval.
jane.matthews@ft.com
