Financial planning group snaps up IFA with £675m of assets under management
Nottingham-based financial planning company Wren Sterling has acquired an IFA which manages around £675m on behalf of its clients.
Wren has swooped for Mutual Financial Management LLP, of Wilmslow, for an undisclosed sum – its first deal since Lightyear Capital completed a secondary management buyout of the firm in late 2021 and its largest to date.
The deal is subject to FCA approval.
Mutual has around 1,100 clients. Its 29 employees and partners will all become part of the Wren Sterling Group. The firm’s managing partner Austin Hutchinson will continue to run the business and will join Wren Sterling’s executive committee.
The deal takes the total AuM acquired by Wren Sterling over the last 3 years over the £1bn mark and pushes its own total AuM to over £5.4bn.
Ian Darby, executive chairman at Wren Sterling, said: “I’m delighted to welcome Austin, his fellow partners and all of Mutual’s staff to Wren Sterling. Acquiring a business of this calibre and scale is truly game-changing for us and shows the business’ renewed ambition following Lightyear’s investment.
“What truly sets Mutual apart are its people, who are highly entrepreneurial and innovation-led and share our commitment to the very highest levels of client service. Furthermore, the addition of a DFM capability gives us the option to enhance our offering for certain clients who might benefit from it, while remaining fiercely protective of our role as independent financial planners.”
