A subsidiary of Old Mutual Wealth is to acquire a small financial adviser that has about 700 UK households as clients.
Old Mutual Wealth Private Client Advisers has agreed to buy Infiniti Financial Planning, based in Shropshire.
Old Mutual will combine Infiniti with a another newly acquired firm, Premier, to form a Birmingham office.
Infiniti managing director, Kevin Speake, will become a regional director within the business and staff from Infiniti will also join Old Mutual.
The terms of the acquisition mean that Old Mutual Wealth Private Client Advisers will take on all liabilities for past advice, “giving the wider financial planning industry reassurance that the acquired firm does not leave any liability which could in future fall on industry-funded compensation schemes”, Old Mutual said.
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