Finitor Wealth, the financial planning and wealth management group, has acquired two multi-adviser firms in deals brokered by Gunner & Co. The two firms now part of Finitor are Ascent Financial Consulting and Financial Management Bureau (FMB).
These acquisitions have been made possible through investment by private equity firm, Rockpool Investments, who provide equity and loan financing to profitable UK-based private companies. These two acquisitions bring AUA to over £1.1 billion, with the aim to continue expansion with the financial backing of Rockpool.
FMB is a second-generation family business with eight advisers in Kendal, Cumbria, with more than £250m AUA. Ascent Financial Consulting is a three adviser firm based out of Leamington Spa, and will bring £190m of AUA.
Both businesses will maintain a high degree of autonomy and will continue to drive their businesses forward, with support and expertise from Finitor.
Finitor was founded in 2018 and, through its regional partner firms, provides independent financial planning advice and other associated services to customers in the UK market. Finitor provides financial planning services to individuals, families, and businesses, who need objective assistance in organising their financial affairs to achieve financial and lifestyle objectives.
The Company is led by Finitor’s founders, Paul Stokes (CEO) and Richard Rhodes (CFO), and are supported by an experienced senior management team and Chairman Kevin Ronaldson.
Paul Stokes, CEO at Finitor said, “Finitor Wealth are delighted to have raised investment with Rockpool and this investment has allowed us to grow through the exciting addition of two high quality firms, Ascent Financial Consulting and FMB. We look forward to working with the teams at FMB & Ascent as they continue on their respective journeys.”
Corporate Finance advice was provided to FMB by Max Perry, and tax advice by Sarah Haley, from Manchester firm HURST Accountants.