Advanta Solutions has expanded its assets under management (AUM) with the acquisition of UK-based financial advisory services provider City Financial Planning.
The deal, whose financial terms remain undisclosed, expands Advanta Solutions’ AUM by £800m.
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City Financial Planning operates offices in Bath and Exeter.
Its purchase marks Advanta’s second in 2024 and brings the company’s total number of acquisitions to nine.
The latest acquisition was facilitated by the Bishop Fleming corporate finance team, consisting of Joe Coghlan, Lindy Adams, and David Lock, who acted as lead advisers to City Financial Planning’s shareholders.
The shareholders also received advice from Katharine Mortimer and Yasmine Grove at RWK Goodman.
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By GlobalDataCity Financial Planning director Tim Quirke said: “Becoming part of the Advanta family enables us to continue to grow the business that has its origins almost 25 years ago when the current Directors joined forces to create City Financial Planning.
“Knowing that Advanta shares the same values, professionalism and client service standards that we believe in, was a fundamental key to our decision. This, added to the synergies that exist between our companies, gives us confidence that becoming part of the Advanta group is a positive and important step for our business.
“Advanta will help to develop and enhance the advice and service levels we offer our clients and provide the resources to help grow the business to the next level.”
Advanta Solutions has presence in London, Glasgow, and Dundee. It offers services through its subsidiaries Advanta Wealth, Advanta Mortgages, and Advanta Risk.
The company is pursuing further acquisitions, after receiving a significant investment from Beech Tree Private Equity.
Advanta CEO Craig Webster said: “We are delighted that City Financial Planning have decided to become part of the Advanta team and that the Directors, advisers, their clients, and staff are joining us.
“As a Chartered firm, we are firmly focused on our clients by providing insight and understanding married with service, experience and qualifications. Raising the standards of advice and service is central to our strategy of creating a professional environment for our clients.”
