Exeter-based Shipman Group has bought MHA Monahans Wealth Management from chartered accountants MHA Monahan as part of its expansion in the South-West.
Shipman Group has a long history of providing clients independent financial advice in the South-West, based in Exeter and established in 1935. This latest acquisition expands upon their offering, after recently joining forces with national acquirer, Amber River (previously Socium).
Socium CEO, Mary-Anne McIntyre – former head of Openwork – has a five-year plan to build a 300 adviser-strong business.
The deal will include the recently rebranded Shipman Monahan Wealth Management continuing to hold their office location in Bath, Swindon and Trowbridge.
As part of the deal, the newly rebranded Shipman Monahans Wealth Management will continue to be based in their original offices at Bath, Swindon and Trowbridge.
All 27 members of staff will remain in place, with Simon Ewings continuing as managing director.
I’m delighted to welcome Simon and the team at MHA Monahans Wealth Management into the group. This is another significant milestone for our business, made possible as a result of the funding and guidance of Mary-Anne and the team at Amber River.Peter Ellis, chief executive officer
“With their backing and support we have been able to attract another highly-respected firm of IFAs to the Shipman Group. This brings development opportunities to our combined staff, proposition improvements and wider choice to existing clients and an opportunity for more people in the South West to benefit from market-leading independent financial planning services.”
The acquisition will also see the business retain its relationship with the team at MHA Monahans Accountants.
Simon Tombs from MHA Monahans Accountants said: “In Peter and the wider team at Shipman and Amber River, we have been lucky to find a partner with a focus and dedication to client outcomes similar to our own.
“We are thrilled with the outcome of the deal and the way it has been done, securing what I believe will be an exciting opportunity for the team and an enhanced service proposition for their clients.”
Completing on the 5th of January 5th, this is the second acquisition by Shipmans after acquiring Exeter based Cathedral Financial Management, in early 2021.
The Amber River group has now grown to 25 advisers based across five locations.
The IFA firm said this latest acquisition is continuing the development of its plan to create a significant regional hub to support clients in the South West.
If you would like to understand Shipman’s acquisitions strategy contact Senior Broker Gwill Evans, click here.