Eight Financial Advice has acquired Banbury-based fellow St James’s Place partner practice Swann Financial for an undisclosed sum.
Swann Financial was founded in Oxfordshire in 2006 as a SJP partner practice.
Director Andrew Swann will remain with the firm and the Banbury office which will rebranded under the Eight brand. Fellow director Peter Cooling has retired following the completion of the deal.
Eight Financial Advice is the largest St James’s Place partner practice in the UK in terms of total number of clients. The acquisition will take its assets under administration to £4.5bn, as well as adding 15 advisers to the firm.
Andrew Swann, director of Swann Financial, said his firm’s clients will benefit from enhanced resources, greater capability, and access to a wider range of expertise.
Ian Riggs, Chartered Financial Planner and CEO of Eight Financial Advice, said: “Financial advice only works when there is real trust behind it. That means sitting down with someone who knows your name, understands your life, and is there for you when it matters. That is what we do at Eight, and it is exactly what Andrew and the Swann team have always done too.”
Acquisitions between SJP partner firms are relatively common.
Other inter-SJP-partner acquisitions also include the acquisition of Wilson Financial by fellow SJP partner firm Gilson Gray in Scotland, taking Gilson Gray’s assets to over £650m.