The businesses will combine with Foster Denovo’s employee benefits division Secondsight.

The deal will mean the team doubles in size and widens its national coverage to include Edinburgh, Yorkshire and the South West, on top of its existing coverage in London, Surrey and the rest of the South East.  

The transaction, signed on 16 November, is set to be completed by the end of the year and will mean 56 Punter Southall staff, led by current managing director David Taylor, will move to Secondsight.  

Foster Denovo chief executive Roger Brosch said: “This is about meeting the need of businesses to have a corporate adviser equally able to serve HR directors and finance directors and their teams, while also engaging in a meaningful way with employees. And to be able to do so at scale.

“Merging our two businesses opens up access to the combined might of our advisory expertise for both groups of existing clients. And many, many more to come.”

Steven Butler, chief executive of Punter Southall Aspire, said: “Our employee benefits consultancy advises 700 corporate clients and has reached the point where the clients and employees will benefit from a larger organisation which reflects our commercial momentum and shares our cultural values.  

“So this deal not only nearly doubles the size of the combined employee benefits business but also means existing and new clients can access an even greater depth of expertise and experience.”

Earlier this month Foster Denovo acquired £110m AUM Creative Financial Solutions based in Hampshire for an undisclosed sum. 

In September it acquired £220m Newcastle Chartered Financial Planning firm Wade Financial in September. Both deals remain subject to FCA approval.

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, embarked on a wave of acquisitions after receiving  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.

Secondsight is an employee benefits, pension, communications and financial wellbeing specialist. It works with businesses and charities providing advice, strategies and solutions to clients’ employee benefit and pension needs, group risk, healthcare and financial wellbeing requirements and offers innovative benefits communication strategies.