Lumin Wealth has acquired Essex-based based financial advice firm Ashridge Financial Management for an undisclosed amount.

The deal adds more than £85m in assets to the Lumin Group and takes its total assets under management (AUM) to more than £860m.

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As part of the deal, Ashridge staff members, including managing director Gary Treen, will join Lumin Wealth.

Treen said: “This deal will enable me to concentrate on delivering financial advice, while taking a step back from the daily administration that running a smaller regulated firm entails. I look forward to working with the Lumin team as we embark on this exciting new journey together.”

The latest deal marks Lumin’s fifth acquisition and follows its takeover of Hertfordshire-based Enhance Wealth Management in this March.

Chamberlain Stean & West, Everett MacLeod and Hyperion are the firm’s previous purchases.

The London-based wealth management firm is seeking to drive organic growth by partnering with like-minded advisers.

Commenting on the deal, Lumin Group managing director Martin Cotter said: “We are delighted to be able to work with an adviser of Gary Treen’s experience and quality, providing him and his team with a platform to continue to deliver quality financial advice to clients, while Lumin takes on the efficient administration of his business.

“This partnership further enhances Lumin’s ability to offer expert advice to a wider audience in line with our expansion plans.”

In May last year, Swiss financial service company VZ Group acquired a 50.1% stake in Lumin with the aim of acquiring the remaining shares in the next five years.