An IFA consolidator Absolute Financial Group backed by private equity firm Inflexion and Tatton Management has been launched, with its first acquisition, a £1.1bn AUA firm.

Absolute Financial Group is led by former CMS Wealth CEO David Carter and supported by the founder of Perspective Financial Group and Tatton Asset Management, Paul Hogarth.

The new firm, backed by a £115m equity commitment from Inflexion Private Equity Partners, is aiming to build one of the UK’s leading independent financial planning businesses.

David Carter, CEO of Absolute Financial Group said: “We know there is concern among the IFA community about losing independence and a decline of client service standards when selling their business. We created Absolute to ensure that the ethics, integrity and legacy of an IFA’s business is maintained within a group that shares their values.

“Whether business owners are seeking succession planning or simply looking to join a larger values-led organisation, we are confident we will be able to meet their requirements through a range of options, underpinned by deep sector expertise and robust financial backing.”

Paul Hogarth, non-executive chair, said: “Partnering with Inflexion, alongside a leadership team I trust, presents an exceptional opportunity to build a business that genuinely champions the IFA profession.”

Andrea Bertolini, partner and head of financial services at Inflexion Private Equity Partners LLP, said: “The group will offer flexible acquisition structures, including both majority and minority sale options, and is focused on culturally-aligned firms with strong client relationships and long-term ambitions.”