Advanta Solutions Ltd has bought Penney, Ruddy & Winter Ltd for an undisclosed sum, marking its eighth acquisition in total and its first one this year.
The deal will add a further £240mn to Advanta’s assets under management.
The announcement was welcomed by Advanta CEO, Craig Webster, who said: “Adding a City of London office to our London footprint enhances our ability to service our growing client base and the firms we work with in the City.
“As a result, we are delighted that Penny, Ruddy & Winter has decided to become part of the Advanta team.”
Webster added the firm’s co-owners and directors, David Penney and Peter Ruddy, have built a “fantastic reputation” with their clients and that he “looks forward to working with them on the next phase of their journey”.
“Clients are, quite rightly, demanding more from the firms they trust their financial planning to,” Webster continued.
“With both Advanta Wealth and Penney Ruddy & Winter being chartered firms, we are firmly focused on our clients by providing insight and understanding married with service, experience and qualifications.
“Raising the standards of advice and service is central to our strategy of creating a professional environment for our clients.”
Additionally, Peter Ruddy and David Penney, stated: “Becoming part of the Advanta family enables us to continue to grow the business that has its origins over 50 years ago when Peter first started out as an IFA.
“We have built up a base of fantastic clients making it essential for us to find the right company to partner with.
“It is paramount that our clients are protected for the longer term and for the next evolution of PRW. We believe that Advanta is the right company for our clients, staff, and for both of us.
“This process was made much easier knowing that Advanta shares the same values, professionalism and client service standards that we believe in, adding to the synergies that exist between our two companies.
“Advanta will help to develop and enhance the advice and service levels we offer our clients and provide the resources to help grow the business to the next level.”
tom.dunstan@ft.com
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