Chartered financial planning firm Fairstone has fully acquired Cheshire-based Hammond McNulty Wealth Management.
Fairstone said that the deal marks the first in a series of major acquisitions in 2018, anticipating a further nine in 2018.
Hammond McNulty joined Fairstone’s DBO programme in 2012 and has was integrated into the Group. The deal adds funds under management of approximately £50m and Hammond McNulty hopes to grow this figure to £100m in the next five years. A total of five staff will also join the Group as part of the deal.
Hammond McNulty offers independent whole-of-market advice, specialising in pensions and IHT planning as well as savings, investments, critical illness, life assurance and mortgages for clients throughout the North West of England.
Hammond McNulty Company principal Mark Pedley said: “With MiFID II and GDPR coming into force, we feel confident in Fairstone’s solid structure and the resources which have been made available to meet the challenges of the changing face of the financial services sector.
“We want to make sure that our clients can continue to enjoy the high level of personalised service they have come to expect and in Fairstone we have found a forward-looking partner which we can rely on.”
CEO of Fairstone Group Lee Hartley added: “This marks another significant step in our growth strategy and we are thrilled to have started the year so strongly. Our model ensures businesses are fully integrated before the point of sale, securing a positive impact from the start for quality firms like Hammond McNulty. Our research shows that partner firms which have undergone our DBO integration process enjoy on average 15% organic growth per year.
“Mark has built a team that is completely dedicated to providing the highest levels of service and impartial advice to clients and we are certain the business will continue to do so. We look forward to working with them and helping them to grow as part of Fairstone Financial Management.”