The Wren Sterling Group has purchased Mutual Financial Management, a financial adviser based in Wilmslow, Cheshire.
The acquisition is Wren Sterling’s largest to date – adding £675m in assets under management and 1,100 clients to their books.
Under the conditions of the deal, Mutual will be rebranded to Wren Sterling, with all 29 Mutual employees joining the Halifax adviser. Meanwhile, managing partner at Mutual, Austin Hutchinson, will join the executive committee and continue as a principal.
Mr Hutchinson commented: “We received a lot of interest in the business, but Wren Sterling was the only company who we felt comfortable entrusting our clients and our people to. We really like the Wren Sterling business, it’s people and its growth model. These were our key considerations when choosing our long-term partner.
“Their scale, commitment to operational excellence and willingness to invest in technology and marketing, all supported by Lightyear, gave us confidence that they had both the means and the motivation to enhance our client offering and invest in our people. We’re all incredibly excited about taking the next step with our new colleagues and starting the next phase of our journey.”
The acquisition is the first deal made by Wren Sterling since it was acquired by the US private equity firm Lightyear Capital back in July 2021.
Ian Darby, Wren Sterling’s executive chairman said: “I’m delighted to welcome Austin, his fellow partners and all of Mutual’s staff. Acquiring a business of this calibre and scale is truly game-changing for us and shows the business’ renewed ambition following Lightyear’s investment.
“What truly sets Mutual apart are its people, who are highly entrepreneurial and innovation-led and share our commitment to the very highest levels of client service. Furthermore, the addition of a DFM capability gives us the option to enhance our offering for certain clients who might benefit from it, while remaining fiercely protective of our role as independent financial planners.”
The deal is subject to FCA approval.
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