UK advisory firm Wren Sterling Group has bought Cheshire-based Morfitt & Turnbull, marking its fourth acquisition this year.
The acquisition adds almost £270m in client assets to Wren Sterling’s books.
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As part of the deal, Morfitt & Turnbull managing director Gareth Shaw and six of its other employees will join Wren Sterling and operate out of the consolidator’s Wilmslow office.
Financial terms of the transaction were not shared.
Furthermore, Wren Sterling secured the FCA’s clearance to close the purchase of Mutual Financial Management.
Wren Sterling also snapped up Mutual Financial Management’s related company, MFDM, which offered it discretionary fund management (DFM) permissions as well as a North-West office.
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By GlobalDataEx-Mutual Financial Management managing partner Austin Hutchinson will assume the role of regional director at Wren Sterling.
In the new role, Hutchinson will report to the consolidator’s CEO James Twining.
Furthermore, Wren Sterling set up offices in Oxford and Leamington Spa through the purchase of Critchleys Financial Planning and HB&O Financial Services earlier in 2022.
“Our goals are to build our national presence, which our new North-West hub will do now that we have received change of control approval, as well as acquire high quality IFA firms to bolster those offices, which we have been able to do with Morfitt & Turnbull,” Twining stated.
Besides, Wren Sterling hired Rory McPherson from Punter Southall Wealth recently to serve as its new CIO.
McPherson will manage the development of the firm’s new DFM solution.
At Punter Southall Wealth, he held the role of investment strategy head. He had a stint at Russell Investments prior to that.
Commenting on the new appointment, Twining noted: “Rory has a key role to play in developing the DFM capability the Group has through our acquisition of MFDM and ensuring that it delivers value for clients, and we are excited about the opportunity that this presents.”
