Gloucestershire-based firm Abacus Money Management has revealed it has taken over a rival financial services firm, swelling its funds under management by £33 million.
The Tewkesbury business said its takeover of Weston-super-Mare-based Westcliff Financial Management would see all of the firm’s customers transferred onto its books, but none of its advisors.
Abacus, described as a specialist in financial planning and investment for ‘high net worth and mass affluent clients’ in the south west, said the deal further strengthened its position in the region.
Noel Greaves, director of Abacus Money Management, said: ‘This is an excellent opportunity for us. There are many synergies in how we deliver business, putting clients first.’
Mr Greaves took over the firm in 2016 and has focused on both organic and acquisitive growth since.
Brokered by mergers and acquisitions specialist Gunner, this is understood to be the second deal in the region in the last 12 months for Abacus, which also has a base in Bristol, and the fourth under Mr Greaves.
By Andrew Merrell
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