Bath-based firms Money Wise Financial advisers and Fidelius Financial Holdings have merged.
The merger was negotiated between Jim Grant, chief executive of Fidelius and Money Wise’s chief executive Malcolm Coury.
Commenting on the move, Coury, who will leave Money Wise once the deal completes, stated he has known Jim Grant for many years and highly respects him:
“I have had many approaches over the last couple of years, but this is the only approach I have thought worthy of consideration, as our two firms are so well aligned.
“I am leaving the firm following completion of the deal, but will retain the Cambridge operation of Money Wise with the other Cambridge shareholders,” he stated, adding the newly formed Cambridge business will trade as Dartington Wealth Management.
Money Wise was established in Bath in 1997, and was originally a small husband-and-wife business. However the business has grown significantly over the years, and now has 14 advisers and is reported to turnover in the region of £3 million.
Commenting on the merger, Grant stated:
“Both our firms have very similar people, very similar cultures and very similar business models, so bringing the firms together makes complete sense for both parties and strengthens both our Bath and London operations in particular,” he commented.