Close Brothers Asset Management has acquired Surrey-based IFA PMN Financial Management.
Close Brothers AM is the financial planning arm of the FTSE 250 listed parent firm Close Brothers. Currently based in London, Bristol, Chester, Manchester, Gatwick, Newcastle, Edinburgh, Glasgow, Northwich, the Midlands and Farnham, the new acquisition will strategically extend their national presence onto the Surrey-Hampshire border.
The acquisition will bring £300m of assets under management to Close Brothers AM. Meanwhile, PMN’s advisers and support staff are all set to join the Close Brothers AM team.
The deal coincides with Close Brothers Group posting their pre-close trading update for 2021. The Group has confirmed that it will release its full results for the year ending 31st July in September.
Chief executive of Close Brothers AM, Martin Andrew, said: “I am delighted to welcome PMN to the CBAM family, an acquisition which further underlines the fact that we are a dynamic and growing business.
“Not only is PMN a highly successful and trusted provider, but crucially, the business has deep cultural synergies with CBAM. Our success is based on our dedication to put clients at the centre of everything we do. Crucially, PMN share that commitment and focus.
“I know that the team will hit the ground running and be a real asset to the wider CBAM team.”
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