Expanding national advice firm Foster Denovo has acquired £110m AUM Creative Financial Solutions based in Hampshire for an undisclosed sum.
It’s the company’s second acquisition in recent months after acquiring £220m Newcastle Chartered Financial Planning firm Wade Financial in September.
Both deals remain subject to FCA approval.
Foster Denovo embarked on a wave of acquisitions after receiving a £100m cash injection from a US private equity firm in February 2022. It said the latest deal reinforces its presence in the South East region.
Based in Hartley Wintney, Hampshire, Creative Financial Solutions was set up by Duncan Sherlock in 2000 who was joined in 2006 by Simon John. They advise on £110m of assets for 245 families across London and the home counties.
The pair collectively boast more than 70 years’ experience in financial services and are supported by the dedicated expertise of a team of highly-experienced individuals.
Roger Brosch, chief executive of Foster Denovo, said: “Duncan and Simon have built a great business and a loyal client base. Culturally, and propositionally, this is a perfect fit for both businesses.”
Duncan Sherlock said: “Our client-focused approach and shared culture of prioritising people, has found a perfect home with Foster Denovo.
"This exciting new chapter will enable us to further enhance the value we bring to our clients while continuing to uphold the values and culture that have been the cornerstone of our success.”
Last year Foster Denovo’s assets under management climbed to £1.2bn, up 9% on 2021.
The group, which also owns investment management company Sequel Investments, received a £100m investment by Crestline Investors last year.
Crestline is a private equity firm based in Fort Worth, Texas. It has around $14bn (£11.44bn) in assets under management.
The cash has been earmarked for a five-year growth strategy leading on cultural and propositional fit. Since then, the firm has completed 10 internal practice buy-outs (PBOs) for 18 advisers, which have contributed to a tripling of the group’s EBITDA.
Foster Denovo said it believes its commitment to putting cultural and propositional fit first creates successful integrations and it sees itself as “a facilitator rather than a consolidator, offering a flexible approach to ensure any deal works for all stakeholders.”