Old Mutual Wealth Private Client Advisers has created a new outpost in the UK with the acquisition Cumbria-based financial planning business Dodd Murray.
Dodd Murray’s Carlisle office will become a regional office of Old Mutual Wealth Private Client Advisers, alongside other bases in Chester, London, Devon, Birmingham and Yorkshire, the company said in a statement announcing the deal.
The Dodd Murray business was formed in 2007 when Dodd Financial merged with Murray & Fuller, with both firms well established in the region.
Following the completion of the acquisition, which is subject to regulatory approval, Dodd Murray managing director Chris Fuller will become regional director for Old Mutual Wealth Private Client Advisers.
The acquisition adds a further £205m of assets under advice to the national financial planning business.
Three Dodd Murray advisers and additional support staff will also join the business as part of the acquisition.
Two year mark
The acquisition takes place as Old Mutual Wealth Private Client Advisers approach its two years mark since it was launched in 2015.
“It is exciting for us that the business continues to grow through the acquisition of high-quality financial planning firms like Dodd Murray, ” said Nigel Speirs, Old Mutual Wealth Private Client Advisers managing director.
Incoming Old Mutual Wealth Private Client Advisers regional director, Chris Fuller, said that the businesses share a “great deal of common-ground” and that the deal gives the company “access to the scale and resource required to grow our business”.