The deal brings assets under advice of over £150m.

CDC specialises in combining Financial Planning and discretionary investment management.

It has a team of 10 advisers, investment professionals and support staff based in Sunderland.

CDC’s four principal directors, Phil Cain, John Dixon, Andrew Mann and Sue Butterworth, will remain with the firm.

Verso said its acquisition of CDC will create a hub for the North East.

Andrew Mann will continue to lead CDC’s investment proposition working, alongside Verso’s discretionary investment management team and will assist with integration across the group.

Andrew Fay, chief executive at Verso, said: “With the support of our strategic partners, Cairngorm Capital Partners and their buy, build and transformation expertise, we are pursuing an ambitious IFA consolidation plan and accelerated growth strategy, to build a market leading, national wealth management group. CDC forms an important part of this.”

Andrew Mann, director of CDC, said: “We are delighted to be joining Andrew and the team at Verso. It is the natural evolution for our firm – we gain additional resources and enhanced technology, enabling us to leapfrog to the next generation of digital infrastructure painlessly.

“Pairing our expertise with Verso’s automated advice capability and straight-through-processing engine, we will be able to serve our existing clients better and importantly, broaden the types of clients we are able to serve.”

The acquisition is the second for Verso this year.

In January the digital wealth manager acquired Chartered Financial Planning firm Pavis Financial Management, adding £280m of assets under advice. 

Verso Wealth Management is a digitally-driven wealth management group providing financial advice and investment management. Verso’s straight through processing engine facilitates Financial Planning, supports product selection and automates client servicing.