Private equity-owned Harwood Wealth Management has acquired two adviser firms and has rebranded as Argentis Group.
Harwood has acquired D Heaton in Newcastle-under-Lyme and Wealth Creation & Management, based in Christchurch.
The deals for both firms will add £100m in assets under management, 400 clients and six staff members.
Harwood is owned by Hurst Point Group which is rebranding the firm as Argentis Group to bring a number of interests under one brand.
Argentis, based in Waterlooville, Hants, will include all of the group’s Financial Planning interests into one brand. The rebrand is effective from 25 July.
Harwood Wealth Management was a national IFA firm which received investment from Harwood Capital and was listed on the Alternative Investment Market (AIM) of the London Stock Exchange in 2016.
In March 2020, the Hurst Point Group, a subsidiary of global investment firm The Carlyle Group, acquired Harwood for £91m.
Hurst was established in 2019 to manage investments by Carlyle into the UK wealth management sector. It currently owns the Argentis Group (formerly Harwood Wealth Management) and Hawksmoor, which it acquired in 2021.
In 2020, Harwood made six acquisitions, adding approximately £6m of revenue and more than 20 advisers. The acquisitions comprised: Cameron Lewnes, Portcullis Wealth Management, Russell Marlow, Hazlewood Investment Services and certain business assets and clients of Gallagher’s Wealth division.
At the end of 2020, Harwood purchased Argentis Financial Planning, which added 5,000 clients and was its largest Financial Planning acquisition to date.
