Newcastle wealth managers Tier One Capital has announced it has acquired independent advisory company Carrick Financial Management Limited.
Tier One Capital snapped up a large chunk of the Seaton Burn business in 2018, and has now purchased the whole company amid plans to grow and expand its wealth management, investment management and direct lending services.
Tier One Capital will fully integrate Carrick Financial Management into its financial operations, retaining its team of independent financial advisors and support staff.
Ian McElroy, chief executive of Tier One Capital, said: “Completing the acquisition of Carrick Financial Management is a key milestone in the future strategic growth of Tier One Capital.
“It will enable us to develop more extensive capabilities for a wider customer offering, which will benefit a growing number of private individuals, corporate clients and charities.
“It is vitally important that we continue to build on our current momentum and to generate an even greater market presence regionally, nationally and internationally.”
Managing director Jess Swindells added: “These are exciting times for Tier One Capital and this acquisition will now allow our North East clients to gain access to independent financial advice at an earlier stage, and to gain unrivalled access to larger scale and bespoke investment and lending opportunities.”
Paul Blight, co-founder of Carrick Financial Management and the new head of wealth management at Tier One Capital, said: “Working alongside the team at Tier One Capital over the last few years has been very positive and becoming a part of their business has been a very natural development for Carrick Financial Management.
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“There are some very strong synergies between the two firms, as well as individual strengths, which combined will offer our clients an enhanced level of expertise and service excellence.”
Muckle LLP lawyers Philip Clare, Stuart Grieve and Sara Mullen advised on the deal, while corporate finance advice was given by Inveniam Corporate Finance and legal advice to Carrick Financial Management was provided by Mincoffs.
Stuart Grieve from Muckle LLP said: “We are delighted to have worked with the Tier One Capital team to help deliver a deal that supports the successful coming together of both organisations and provides them with a clear path for continued strategic growth going forward.”
Lee Humble, corporate finance director, Inveniam Corporate Finance Limited, said, “Having worked with the management teams over the last two years we can see a bright future lies ahead and the combined, vast service offering will benefit both existing and new clients of the business. We are delighted to have assisted both businesses with this transaction.”