Wealth management firm makes two acquisitions with PE backing

Financial planning and wealth management group Finitor Wealth has bought two advice firms, one of which is based in Leamington Spa, taking assets under advice to more than £1.1bn.

The firm has bought Leamington-based Ascent Financial Consulting and Kendal-based Financial Management Bureau (FMB), in deals brokered by Gunner & Co.

These acquisitions have been made possible through investment by private equity firm Rockpool Investments, which provides equity and loan financing to UK-based private companies.

The two purchases bring AUA to over £1.1bn, with the aim to continue expansion with the financial backing of Rockpool.

FMB is a second-generation family business with eight advisers and more than £250m AUA.

Ascent Financial Consulting is a three adviser firm and will bring £190m of AUA.

Finitor was founded in 2018 and, through its regional partner firms, provides independent financial planning advice and other associated services to customers in the UK market.

The company is led by Finitor’s founders, Paul Stokes (CEO) and Richard Rhodes (CFO), and are supported by an experienced senior management team and chairman Kevin Ronaldson.

Stokes said: “Finitor Wealth are delighted to have raised investment with Rockpool and this investment has allowed us to grow through the exciting addition of two high quality firms, Ascent Financial Consulting and FMB. We look forward to working with the teams at FMB & Ascent as they continue on their respective journeys.”

Corporate finance advice was provided to FMB by Max Perry, and tax advice by Sarah Haley, from Manchester firm HURST Accountants.


Click here to sign up to receive our new South West business news...