Tenet completes latest practice buyout

by | Oct 12, 2018

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Tenet has completed its latest practice buyout, acquiring Preston-based wealth management firm Elementum.

The three-adviser firm has been with Tenet’s investment network since 2006. Both of its directors, Peter Pearson and Martyn Slater, will be staying with the company to help with the transition and further develop the business as a regional hub.

Elementum will continue to trade as its own brand and becomes a subsidiary of Tenet’s own advice company, Aspire Financial Management, adding £80m of funds under management to the group.

Tenet launched its practice buyout scheme in January, following a pilot stage, to offer its network member firms an exit strategy for retirement, with peace of mind regarding the continuity of advice standards for clients under the Tenet umbrella.

Tenet chief executive, Martin Greenwood, said: “I’m pleased to welcome Martyn and Peter to the group. Succession planning is traditionally a tricky issue for advisers, who want to realise the value they have built up within their firm at the same time as retaining a safe home for their client bank. Since the launch of our practice buyout scheme, we’ve had a lot of interest from our network firms and are in advanced discussions on a range of deals, from smaller client bank acquisitions to larger company buyouts.”

Slater, director of Elementum, added: “With over 50 years in the industry between us, Peter and I value our long standing relationship with clients and it was of primary importance that they would continue to receive the same quality of service we have built our name on.”

Pearson said: “Selling to Tenet gives us peace of mind and we are looking forward to continuing to grow the business and developing our successful long term relationship with the group.”

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