Financial advisory firm Ascot Lloyd has acquired West Midlands-based peer Newell Palmer for an undisclosed sum.

The transaction adds £1.3bn in funds under influence (FUI) to Ascot Lloyd’s books, increasing its total FUI to more than £7bn.

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With the takeover, Ascot Lloyd expects more than £50m in turnover next year.

Ascot Lloyd CEO Nigel Stockton said: “This is an important acquisition for Ascot Lloyd, adding an outstanding business of significant scale to the Group. The deal also showcases the strength of Ascot Lloyd as one of the few IFA companies with proven capability in purchasing and integrating a business of Newell Palmer’s size.

“This is the third year running, following EFG, Pantheon and the Bellpenny merger, in which we have completed a major acquisition and this will continue to be part of our strategy.”

The deal increases Ascot Lloyd’s adviser headcount to more than 100 and its total employee strength to 400.

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It also strengthens Ascot Lloyd’s reach, offering it control of three offices in Wolverhampton, Nuneaton and Bromsgrove.

Newell Palmer will be renamed Ascot Lloyd in the second half of next year. Till then, the acquired entity will continue to operate under its existing brand.

Newell Palmer group managing director Philip Stepp said: “We have known Ascot Lloyd’s management for well over 18 months and I strongly believe that their commitment to IFA and brand strength make it a perfect home for us.

“We will look to continue our track-record of growth and client excellence. It is both the right platform and an excellent cultural fit for Newell Palmer and we look forward to working closely with Nigel and the team as part of the Ascot Lloyd group.”