London-headquartered financial advice firm Independent Wealth Planners (IWP) has acquired a Lancashire-based financial planning firm.
Prosper Wealth Management, founded in 2003 by David Barton, is headquartered in Wigan and specialises in retirement planning.
The acquisition, IWP’s first in Lancashire, will see the firm hit £1bn in funds under management as it brings a gross fee income of £1.35m and an additional £170m in funds under management, IWP said.
IWP said Prosper Wealth Management will also bring 486 clients, four advisers and six support staff to the group.
David Inglesfield, IWP chief executive, said: “I am thrilled that IWP has expanded into the north west of England with an offering to serve the people of Lancashire and Greater Manchester.
“David [Barton, founder and owner of Prosper Wealth Management] and his team have a fantastic reputation in their local community and are a great fit for IWP. I have every faith that they will do an excellent job in growing our presence across the north west region.”
Mr Barton added: “Having previously built Prosper both organically and through acquisitions, I completely understand the logic behind the IWP model.
“I had ambitions to grow Prosper Wealth significantly over the coming years, however to achieve this I really needed more support.”
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He continued: “My personal experience of going through the acquisition process with IWP has reassured me that they have both the resources and expertise to get the deals done.
“I am incredibly excited to be leading the IWP team in the north west of England and look forward to talking to IFA business owners that are looking to explore options for their businesses.”
Prosper Wealth Management will serve as the firm’s main “hub” for the north west, IWP said.
It will be IWPs sixth region office. It also operates firms in the West Midlands, Cornwall, Hampshire, east Yorkshire and Wales.