Close Asset Management has acquired investment consultancy business Allenbridge and around 16,000 of its clients, Citywire can reveal.
Close has had a policy of buying up books of clients from businesses in a bid to grow its assets under management. Last year the firm bought Chartwell in a £17 million deal.
Citywire understands Close has purchased Allenbridge in a deal said to be around £7 - £8 million mark, with around 16,000 clients being added to Close's book of assets. The FSA is believed to have approved the deal.
However, it is also understood the Allenbridge founder, Anthony Yadgeroff (pictured), has bought back several of the businesses from Close.
Allenbridge specialises in hedge funds, tax, pension consultancy and hedge funds advisory within its platform, which also offers Sipps, ISAs, Child Trusts, investment funds, fund research and online share purchase facilities.
Close Brothers spokesperson declined to comment, while Allenbridge was unavailable for comment.