Private equity-owned Harwood Wealth Management has acquired two adviser firms and has rebranded as Argentis Group.

Sceptics may have questioned warnings that the soaring cost of Professional Indemnity Insurance would put some advisory firms out of business. They may have to eat their words.

Wealth manager Harwood has placed a subsidiary, appointed rep adviser firm Network Direct, into voluntary administration due to “weak investment markets” and rising Professional Indemnity insurance costs.

The takeover of acquisitive Financial Planning-focused wealth manager Harwood Wealth by global private equity firm Carlyle has been completed today.