South Africa-headquartered adviser firm AlphaWealth has taken a majority stake in London-based financial planner Holborn Financial.
AlphaWealth has set up a new UK affiliate, Alpha UK Holdings, to acquire the Wimbledon-based chartered financial planning firm.
Founded in 2005 with global assets of over R11bn (£550m), Alpha Wealth already has a presence in various international financial centres including Johannesburg, Cape Town, Durban, London, Geneva and Mauritius.
Alpha has decided to expand its UK presence through this acquisition to support the growth of Holborn Financial."
It provides investment and wealth planning services to high-net worth individuals, family offices, institutions and charities.
Holborn Financial has three advisers and five support staff. It advises 150 business owners and private clients with around £150m of assets under influence.
Emyr Blease, who founded the firm in 1988, will continue as managing director of Holborn Financial as Nigel Speirs comes on board as chairman.
Kerry Fynn, AlphaWealth group chief executive, said: "We are delighted to be able to partner with the team at Holborn Financial and this acquisition marks the beginning of a new and exciting chapter for both of us as we collaboratively grow the business. Alpha has decided to expand its UK presence through this acquisition to support the growth of Holborn Financial and we are very pleased to be on this journey with the Holborn team."
Blease said: "We have built up a successful business advising discerning private clients, individuals who run and manage their own business and those in or seeking a comfortable retirement. We have the same values as Alpha, primarily providing excellent levels of personal service. We look forward to growing our business both organically and through acquisition. Alpha's expertise, resources and support will be fundamental to the successful roll out of the merged firms."
Speirs, who advised on the deal, said: "I am looking forward to working with Emyr and the Alpha team in building Holborn Financial in the UK. Both are strong believers in doing the right thing for clients and this ethos will underpin the new venture."