Tenet has bought Leeds-based wealth management firm Astute Financial Advisers, adding more than £100m in assets under management.
In an announcement today (August 5), Tenet said Astute will continue to trade under its own brand as a subsidiary of Tenet’s own advice company, Tenet&You, expanding its IFAs based in the north of England.
The acquisition will see Astute directors Chris Hawkins and Marshall Bickler remain as advisers to help the ongoing development of the business.
Hawkins said: “Tenet have been our network partner for over 20 years, so it was a logical decision and fit for both our clients and business.
“The buyout will enable us to focus entirely on helping our clients achieve their lifetime aspirations. We now have the security, resources and backing of Tenet to enable us to continue to grow whilst providing a good long-term advice proposition for our clients”.
Tenet said Astute has been a long-standing member of its network and the sale had been made as part of the directors’ succession planning.
Helen Ball, managing director of Tenet&You, said: “I’m pleased to welcome Chris and Marshall to the group. This acquisition offered a great opportunity to grow our business by adding two quality advisers to our team as well as a further £100m of assets under management.”
Tenet rebranded its in-house advice business last year, changing its name from Aspire to Tenet&You.
sonia.rach@ft.com
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