A MAJOR acquisition has been announced in the financial sector.
Brierley Hill-based Prosperity Wealth has been acquired by Fairstone, one of the UK’s fastest growing wealth management groups, in what is described as Fairstone’s largest acquisition to date.
Matt Bell, head of office at Prosperity Wealth, said: “We’re really excited to become part of the Fairstone group.
“We wanted to join Fairstone because it offers us the opportunity to create a real step-change in growth while remaining a trusted source of independent financial advice – in many respects, it’s the best of both worlds.
“Fairstone’s commitment to client service excellence matches our own values.
“The greater resources, support and economies of scale they offer mean our clients benefit in the form of reduced fees, a wider choice of products and the enhanced financial security they get from being part of one of the UK and Ireland’s largest and most trusted wealth management groups.”
Prosperity Wealth, founded in 2010, specialises in wealth management, corporate financial planning and employee benefits advice.
The company serves more than 5,000 clients nationally, with the majority in the West Midlands, and manages £1.5 billion in client assets.
Having partnered with Fairstone in July 2023 through its Downstream Buy Out (DBO) programme, Prosperity Wealth has now completed the transition to full acquisition.
Fairstone’s DBO model is designed to unlock the full potential of independent advisory firms by investing in their growth during a period of partnership, before fully acquiring the business.
The Brierley Hill office will now serve as Fairstone’s West Midlands hub, one of 11 hubs across the UK and Ireland.
Russell Bignall, chief financial planning officer at Fairstone, said: “As the largest firm to have joined Fairstone in terms of client assets under management, bringing on board Prosperity Wealth is a real milestone in our growth journey.”
Fairstone operates from more than 50 locations, employs over 1,250 people, and manages over £20 billion in assets.
