London wealth manager Vintage has acquired Buckinghamshire-based Financial Management Independent Financial Advice (FMIFA) for an undisclosed amount.
The deal will add £400m of assets under advice, creating a combined business of £2.14bn in client assets.
FMIFA was founded by Philip Harper and has been in business for more than 30 years. The firm offers retirement planning, wealth management, protection, corporate benefits and advice on equity release.
Vintage, which is partly owned by Swedish wealth manager Söderberg & Partners, operates across four core areas, wealth management, asset management, employee benefits and private medical insurance broking.
Before the acquisition, the business had £1.1bn in advisory funds under management and £484m in discretionary FUM, supported by a team of 25 independent financial advisers and a diverse, high-value client base.
It said the combined business will have the scale and resources to accelerate investment in technology, including fully embracing new IT infrastructure and artificial intelligence to enhance client service and operational efficiency.
John Morton, chief executive of Vintage, said: “FMIFA is a business that shares our culture and has a reputation as a highly-respected local advice firm and we look forward to working closely with Philip and the team.”
Mr Morton added: “With the support of Söderberg & Partners, we’re able to continue investing in how we operate, from smarter internal systems to a dynamic client experience.”
Vintage Wealth is a wealth management and advisory business headquartered in London, founded by Geoffrey Hartnell and Robert Stein, who remain executive directors.
At the time Gustaf Rentzhog, group chief executive at Söderberg & Partners said: “In Vintage we see a scalable platform with strong infrastructure and a fast-growing professional network.”
The Swedish firm entered the UK adviser market earlier in 2023 and said it aimed to partner with up to 1,000 financial advisers in the UK within five years.
Söderberg & Partners was founded in Sweden 2004 and is one of the biggest wealth managers and corporate insurers in the Nordic region and the Netherlands. It has more than 4,000 employees in 110 offices in Sweden, Norway, Denmark, Finland, the Netherlands, Luxemburg and Spain, and more than £60bn in assets under management and advice.