London-based wealth manager Lumin Wealth has acquired Hertfordshire-based advice firm Enhance Wealth Management.
Financial details of the deal were not disclosed.
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By GlobalDataThe acquisition increases the group’s assets under management to around £800m and adds seven employees.
Lumin Group managing director Martin Cotter said: “I would like to thank Peter Flowers, Fiona Read, Sara Moore and the rest of the Enhance team. We are delighted to welcome them to Lumin Wealth.
“We know that our tried and tested integration formula provides an attractive new home for advisers and their teams. Our plan puts the continuity of the client’s financial planning journey at the forefront of everything we do. We continue to look for similar firms who share our values to join the Lumin family.”
Enhance Wealth Management managing director Peter Flowers said: “Our management teams have known each other for over two decades, so the ease with which we can assimilate Enhance clients into Lumin’s business model was one of the primary drivers behind our decision to join forces. We look forward to working with our new colleagues and building an even better client experience together.”
The deal forms part of Lumin’s strategy to drive organic growth by partnering with like-minded advisers.
The firm’s recent purchases include Chamberlain Stean & West, Everett MacLeod and Hyperion.
In May last year, Swiss financial service company VZ Group bought a 50.1% stake in Lumin with the aim of acquiring the remaining shares in five years.
