The management teams of Punter Southall and Craven Street Wealth are pleased to announce contracts have been exchanged for Craven Street Financial Planning Ltd to acquire Punter Southall Defined Contribution Consulting Limited, trading as Punter Southall Aspire.
The deal takes the firm’s assets under management from £1.2bn to £1.8bn, and represents a significant expansion to Craven Street Wealth’s business, deepening their presence in the south of England by adding Oxford, Bedford and Bournemouth to existing offices in London, Canterbury and Horsham.
The connected businesses have had a long-term relationship since establishment of the Craven Street group in 2017, and crucially hold very similar values in developing and maintaining long-term client relationships.
All staff will remain within the business, with clients continuing to be advised by their existing financial planner, and over time clients of both firms may benefit from a wider range of specialisms, an expansion of investment propositions, services and solutions, platform technology and systems, all whilst keeping any costs low through the groups increasing scale. The Craven Street Wealth management team will also be further strengthened by the joining of Punter Southall Aspire.
Following completion of the transaction the enlarged Craven Street Wealth business will have over 90 staff maintaining their commitment to the highest levels of professional excellence with 30 Financial Planners, of which the majority will hold Chartered status, with multiple having achieved Fellowship, which it the highest designation possible within the financial planning industry.
To ensure continuity and business as usual for clients, a transitional service arrangement has been agreed, during which the transferred businesses will continue to trade as Aspire for a period of time and can be contacted using the same details until full integration.
Tom Barnett, Managing Director of Craven Street Wealth, said: “We are delighted to be welcoming a like-minded chartered financial planning business into Craven Street Wealth, a practice recognised by clients and peers alike. This announcement is a further, concrete step towards meeting the growing demand for what we offer.”
Steve Butler, CEO of Punter Southall’s Aspire business, which included the financial planning entity, said: “We know our clients will be in good hands as Craven Street Wealth share our commitment to building long-term relationships now and, in the years to come. Creating this bigger yet personalised business means an even better service for them.”