Lumin Wealth snaps up South-East based adviser

view original post

Lumin Wealth has bought South-East based adviser Ashridge Financial Management, adding more than £85mn assets under management.

This deal marks the fifth purchase by Lumin Wealth after it bought Enhance Wealth Management in March.

Lumin Wealth said the purchase builds on its strategy of partnering with “like-minded advisers who share the same high standards” and commitment to client-centric solutions. 

Ashridge Financial Management managing director Gary Treen, said: “I am very pleased to be teaming up with such a forward thinking firm, where an emphasis is placed on delivering a quality client experience at all times. 

“This deal will enable me to concentrate on delivering financial advice, while taking a step back from the daily administration that running a smaller regulated firm entails. I look forward to working with the Lumin team as we embark on this exciting new journey together.”

Lumin said it provides a “home for advisers” and their clients who are looking for an alternative to the many private equity solutions in the marketplace. 

As part of its strategy to partner with compatible firms, Lumin said it is supplemented by a new adviser academy, which is providing a pipeline of future adviser talent that will service clients.

Lumin Group managing director Martin Cotter, said: “We are delighted to  be able to work with an adviser of Gary Treen’s experience and quality, providing him and his team with a platform to continue to deliver quality  financial advice to clients, while Lumin takes on the efficient administration of his business. 

“This partnership further enhances Lumin’s ability to offer expert advice to a wider audience in line with our expansion plans.” 

The financial advice and discretionary fund manager began buying advice firms in 2019, acquitring one each year ever since.

Previous purchases include Chamberlain Stean & WestEverett MacLeod and Hyperion.

In May 2021, listed Swiss advice and investment management firm VZ Group took a 50.1 per cent stake in Lumin Wealth.

At the time, VZ Group said it would use Lumin as a “springboard” for its own growth ambitions in the UK market.

sonia.rach@ft.com

What do you think about the issues raised by this story? Email us on FTAletters@ft.com to let us know

Related Posts