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Chase de Vere grows medic advice operation with acquisition

Chase de Vere grows medic advice operation with acquisition

Doctors, dentists and dermatologists are all in the sights of Chase de Vere with its latest acquisition. 

The national advice firm has boosted its service for medical professionals with the purchase of an eight-office specialist firm.

Chase de Vere said its pipeline of future acquisitions would not include another firm as specialist or as large as Medical Money Management (MMM), which has 30 advisers, turns over £8.1 million and has assets under management of £1.1 billion.

It is Chase de Vere's first acquisition by since it announced a year ago it was looking to buy a string of IFAs.

The national firm already has 61 advisers working exclusively with medical professionals and has had a relationship with the British Medical Association since 2005.

Patrick Connolly, Chase De Vere head of communications, said future acquisitions would not be on the same scale.

‘We are hoping to make more purchases of advice firms by the end of the year but, and as we have told our staff here, they will not be as large as MMM which we have just purchased and they will also not be as specialist,’ he said.

MMM’s offices are across Birmingham, Bristol, Exeter, Glasgow, Leeds, Liverpool, Manchester and Sheffield. Where possible Chase de Vere, which has 13 offices already, will merge these.

‘In other areas we do not have an office in that location we will look to set up a new one there,’ Connoly said.  

The deal to buy MMM will complete on 23 October and at that point the partners and advisers will join Chase de Vere. This includes 16 equity partners at MMM. 

‘I expect they would be staying on in their roles [for a period of time] but that is confidential.

‘When all of the employees come over they will work for Chase de Vere and the financial planning part of MMM will be rebranded as Chase de Vere,’ he said.

Chase de Vere chief executive, Stephen Kavanagh (pictured), said the two companies were committed 'to remaining independent' after the deal is completed. 

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