Adviser network Tenet has snapped up Chartwell Independent and Maguire Financial, forming a South East hub.
Financial terms of the transactions were not divulged.
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Both the acquired entities are Tenet’s network members and headquartered in Bromley near London.
The takeovers were carried out under the practice buyout scheme of Tenet. The scheme provides an exit strategy for retirement to Tenet’s network members.
Chartwell principal Sally Molony along with Davie Maguire from Maguire will retire.
The deal increases Tenet’s regional hub count to seven, covering Preston, Northampton, Leeds, Edinburgh, Cardiff as well as Nottinghamshire.
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By GlobalDataCommenting on the latest acquisitions, Tenet group operations director Helen Ball said: “These two acquisitions offered a great opportunity to expand our network of advice into the South East.
“We’ll continue to establish further regional hubs in the year ahead.”
Acquisitions by Tenet in 2019
In April this year, Tenet purchased Derbyshire Booth, a wealth manager based in Preston. The acquired business became part of Tenet arm Aspire Financial Management.
In September, Tenet acquired Forth Financial Services, a financial advisory firm based in Edinburgh. The deal marked Tenet’s debut acquisition in Scotland.
This November, Tenet swooped on Mansfield-based Ask Financial Management and Mansfield Financial Planning.
Meanwhile, last October, Tatton Asset Management acquired Tenet unit Sinfonia Asset Management (SAM).
