Growing wealth manager Advanta is to acquire £150m AUM Genesis Financial Planning, its first acquisition in London and one of seven acquisitions planned this year.
The deal, for an undisclosed sum, is the fourth acquisition so far this year for Advanta, a Chartered Financial Planning firm on the acquisition trail.
Genesis Financial Planning is based in Fulham, South-West London. It was was established in 2008 and has been directly regulated since 2013.
Advanta Solutions, backed by Beech Tree Private Equity, plans to continue acquiring “high quality firms” from business leaders and retiring owners.
Advanta says it is on track to have completed seven acquisitions this year. It has offices in London, Glasgow, Esher and Dundee and it divisions include Advanta Wealth, Advanta Mortgages and Advanta Risk.
Adam Horn, Genesis’s owner and director, said “Having built up a base of great clients over the past 30 years it was important for me to find the right company to merge with.
“This process was made much easier knowing there is so much cultural synergy between our two companies sharing the same values, professionalism and client service ethos. Advanta will provide the resources to develop and enhance the proposition to our clients.”
Craig Webster, CEO of Advanta, said: “We are delighted that Genesis has decided to become part of the Advanta team and that Adam, his clients, and staff are joining us. Adam has built a fantastic reputation with his clients and we look forward to working with him for the long term on the next phase of his journey.”
