Foster Denovo has purchased Leicestershire-based 80Twenty for an undisclosed amount.
The deal will add four advisers, Neil Welbury, Jackie Worby, David Catterall and Stuart Annable, as well as six support staff to the group.
80Twenty has around 120 private clients and a number of high-profile corporate clients and will add more than half a billion of funds under management and funds under influence.
Roger Brosch, chief executive of Foster Denovo, said: “We're delighted to welcome Neil, Jackie, David and their fabulous team to Foster Denovo. As we’ve got to know each other over the course of this transaction, it’s clear we share an excitement for what a combined future holds.
“Cultural and propositional fit is critical for us and we know the 80Twenty team shares our values and sees the world as we do. We look forward to prospering together as we grow.”
This is Foster Denovo’s fifth acquisition in 12 months and has become the group’s 13th office in the UK.
Neil Welbury, executive director at 80Twenty, added: “80Twenty advises high net worth, financially astute individuals, so any chosen partner has to be able to add value to that dynamic. We are also retained by a number of large corporate clients, and so understanding how that advice process works was also key.
“Foster Denovo have built a reputation in both marketplaces, and so we see them as a natural home for our clients. Also, with the added support and additional services available at Foster Denovo, this will only serve to enhance our proposition further.”
The news comes just a month after Foster Denovo snapped up Glasgow-based Rosemount Asset Management.
alina.khan@ft.com
