Sutton Coldfield-based Gemini Wealth Management has boosted its assets under advice by £26 million after completing two acquisitions.
The firm acquired Shrewsbury-based Warwick Wright Financial Services, which had 1,300 clients accounting for £20 million of assets, and a £6 million client bank from Derby-based Simon Johnson, who was previously with Positive Solutions.
The acquisitions mean Gemini now has assets under advice of £170 million.
Jason Moore (pictured), director at Gemini, said the firm had met a number of IFAs planning to exit as a result of the retail distribution review (RDR), and hoped to buy up to four more in 2013.
‘We met up with lots of prospective IFAs to acquire their businesses, but these two matched what we were looking for,’ he said. ‘They didn’t provide a full-blown service and ran on a more transactional basis and because of the RDR, they were looking to exit the industry and hand over [their business] to someone who could give their clients a fuller, more regular service.
‘We are always looking for more acquisitions, although we have 10 advisers and we’d like to stay fairly nimble, so we’ll be looking at one acquisition a quarter.’