Old Mutual Wealth (OMW) Private Client Advisers has set up a Birmingham office with the acquisition of local advisory businesses Premier Planning and Premier Wealth for an undisclosed sum. 

The acquisition will add £170m in assets to OMW Private Client Advisers’ portfolio.

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Under the terms of the deal, OMW Private Client Advisers will take on all liabilities for Premier’s past advice. According to OMW, this would ensure “that the acquired firms do not leave any liability which could in future fall on industry-funded compensation schemes”.   

Premier Planning owner and managing director Richard Usmar will remain with the business in a consultancy role, while Premier Wealth managing director Mark Grainger will join OMW Private Client Advisers as part of the deal.

OMW Private Client Advisers managing director Nigel Speirs said: “This is another important milestone for Old Mutual Wealth Private Client Advisers.

“We now have five regional offices, allowing us to deliver quality face to face financial planning to a growing number of clients across the country.”