Fairstone has bought Essex-based Sacre Associates adding £450mn funds under management to the group.
Fairstone said the purchase of this whole of market advice firm marks a "significant step" in the group’s expansion into the Home Counties.
Sacre Associates has been based in Essex for almost four decades and the deal will add 1,200 clients, 12 advisers and 19 support staff.
Steve Rainer, principal at Sacre, said that Fairstone appealed because of the firm’s “genuine desire to identify a partner with a long-term approach”.
“In an ever-changing regulatory landscape which includes the most recent requirements in relation to consumer duty, running a directly authorised regional advice firm was becoming increasingly time consuming and onerous,” he said.
“We talked to a number of businesses before deciding to join Fairstone as we wanted to feel completely confident that we were joining a firm that mirrored our ethos and who would protect our clients and team for the long term.
“Fairstone’s proposition really appealed as our clients do not have higher costs forced upon them nor are they obligated to move into different investment solutions, allowing us to continue to strive for excellence in the advice market while remaining independent.”
Rainer said by joining forces, Sacre will be able to increase the scope and depth of the services it provides to clients.
Commenting on the latest deal, Lee Hartley, chief executive officer of Fairstone, said: “At Fairstone, we pride ourselves on being the proven home for dynamic IFA firms seeking growth while maintaining exceptional, independent service for their clients.
“We look forward to continuing to work with the team at Sacre, investing both capital and resource into the business, as we continue to increase our footprint across the Home Counties, an area of high net worth and significant opportunity for expansion."
In March, Fairstone added £200mn to its funds under management with the purchase of Spalding-based advice firm, MT Financial Management.
At the time it marked the second IFA purchase by Fairstone so far this year.
sonia.rach@ft.com
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