Ambitious Cathedral bags two businesses

Tim Ames has expanded Cathedral Financial Management’s individual and corporate advice arms with two acquisitions in the south west.

This month the Exeter-based business acquired local firm Westminster Financial Management (WFM), headed by Craig Muldoon. Muldoon will work with Cathedral for three months before moving to Bangkok to work as a portfolio director.

WFM has transferred 200 clients to Ames’ business. Since most are corporate clients Cathedral inherited only £12 million of individual assets.

‘We have a small corporate team already but we are looking at expanding the employee benefits side of the business,’ said Ames (pictured).

‘I would really encourage senior employees to become individual clients. With WFM becoming part of a bigger brand, with chartered financial planners and certified IFAs, we now have more to offer them.’

The acquisition of WFM gives Cathedral a fourth office added to its two premises in Exeter and Sidmouth and that of Plymouth-based DMA Financial Planning which Ames took a majority share of last month.

Cathedral bought 51% of DMA, run by husband and wife team Kate and David Mayo, and intends to acquire the firm fully by 2012.

DMA added £45 million assets under management and 150 clients.

In total Cathedral now has around £197 million assets.