The UK workplace savings and pension business Punter Southall Aspire is to buy Oxford-based independent financial advisory firm Focus Oxford.
The deal is expected to complete by May 2018.
In a statement Punter Southall Aspire said this deal will be the first in a series of planned acquisitions of IFA firms to grow the company’s retail advisory arm and support the development of its new investment administration platform, myAspire.
Founded in 1990, Focus Oxford offers bespoke financial advice in all aspects of financial planning including pensions, investments, mortgages and life assurance. It’s made up of 19 employees including six regulated advisers, supported by an experienced team of paraplanners, life and pension administrators and office administrators.
The purchase, said Punter Southall Aspire, will enable it to develop its retail advisory business and offer a fully integrated financial advice service for employers and individuals focusing on pensions, pension master trusts, mortgages, ISAs and general investment and wealth management solutions across all tax wrappers.
CEO of Punter Southall Aspire Steve Butler said: “Focus Oxford LLP is a well-run and established business with high quality financial advisers who share our values and vision for making savings and investments less complex and more accessible for everyone.
“This deal will give us a complete proposition for individuals and employers – the ability to deliver financial advice and education in a range of ways, from face to face meetings through to telephone and online consultations.
“This purchase is key to our business strategy. We plan to grow our retail advice business significantly in the next few years and hope this will be the first of several acquisitions of IFAs. It will enable us to build assets on our investment platform and provide our clients with first class financial and investment solutions that will support their retirement planning.”
Founding Partner at Focus Oxford Gary Hunt said: “We are looking forward to becoming part of Punter Southall Aspire. The company’s growth has been rapid and impressive. We share the same ambitions – to improve the quality and accessibility of financial advice for individuals and employers and help them achieve better financial outcomes.”