London-headquartered Vintage Wealth Management (VWM) has bought IFA company Statehouse Private Wealth for an undisclosed sum.
Statehouse has assets under influence of just under £100m ($136m, €117m) and takes VWM’s funds under influence to £1.75bn.
As part of the deal, Statehouse chief executive Nick Cowen will continue to advise his clients, while Sara Haines and Lisa Slater-Brooks will be joining VWM as senior paraplanner and paraplanner, respectively.
John Morton, chief executive of VWM, told International Adviser: “It’s a very good deal for us and increases our geographic footprint down in Wiltshire.
“It’s a high-quality team of three that brings around £100m of assets under influence and we can give them the ability to access an additional range of services to provide to clients to deliver a holistic wealth management offering.
“Being part of the Vintage family gives them much greater depth of resource, not only administration, but also thinking about where the industry is going and adapting to client demands.”
This is VWM’s second deal of 2021 after it bought Surrey-based Corfe Wealth Management for an undisclosed sum in January.
Morton added: “In this industry, if you stand still, you go backwards. We’re forever looking at ways of growing the business, but I would emphasise, it will be managed growth.
“We’ve got to be careful about the speed we grow because we’ve got to have the infrastructure to be able to cope with the business. It ultimately all hinges around maintaining high quality of service to the clients.
“We’re not actively out there hunting. If things come across my desk that I feel fit with what we’re trying to do as a business, then we’ll look at it. But we’re not in the game of buying recurring revenue for the hell of it, it’s got to be good value and at a pace at which we can manage the integration.”