As part of the change The Citimark Partnership will rebrand as Bowmore Financial Planning.
The new group will have 25 staff working in Financial Planning and asset management with over £350m of assets under advice.
The chief executive is Mark Incledon who founded The Citimark Partnership over 30 years ago.
Mr Incledon said: “Having come out of the Financial Planning stable, it’s always been my ambition to provide quality asset management with Chartered Financial Planning. After 30 years in business, this significantly increases our offering whilst securing the future of our business.”
"Combining with an investment manager also increases the number of touch points we have with our Financial Planning clients. We can now oversee the service provided from start to finish, this helps us ensure the financial plan is on track and if client circumstances alter, we are in a better position to adapt and change to suit them.”
He added: “My management team and I felt that we have established a stronger brand under Bowmore and therefore after 30 years have decided to drop the Citimark name. As part of this change my co-director Gill Millen has been appointed managing director of Bowmore Financial Planning.”
Mr Incledon said he had rebuilt the Bowmore Wealth Group with an integral DFM because he had never been “entirely satisfied” with outsourcing investment management.
The average client portfolio managed by Bowmore Asset Management will be £1m in size. Each portfolio has between 25-30 funds.
Citimark acquired Trigon Financial Services in December 2019, which added £60m to its assets under advice. Further acquisitions, expansion and senior hires are now on the cards.
Bowmore Wealth Group, based in London and Bristol, is family-run, with chief executive Mark Incledon’s son Charles acting as client director at Bowmore Asset Management. Before joining Bowmore Asset Management he was a discretionary wealth manager at HSBC Global Asset Management having started his career at Quilter Cheviot.