Garbutt and Elliott’s (G+E) wealth management arm has announced the acquisition of HKA, a Yorkshire wealth management firm, for an undisclosed sum.
Founded in 2003, HKA now has under £250m of assets under advice, bringing G+E’s wealth management’s total assets under advice to approximately £750m.
The entirety of HKA’s staff will remain in the business following the deal, with seven financial planners moving to the G+E wealth management team.
Moreover, David Booth, director at the firm which operates out of offices in York and Leeds, will join the G+E wealth management board.
He said: “This is an incredibly positive and exciting step for everyone associated with HKA, especially our clients and employees.
“Combining our strengths will allow both our clients and employees to benefit from the considerable additional resources and enhanced support available as part of the Garbutt + Elliott group.”
Supported by the finance provider to mid-sized SMEs, ThinCats, the acquisition was led by Ben Kimball and the G+E corporate finance team, which is run by Tony Farmer.
Rob Simpson, managing director at G+E wealth management, said: “We are delighted to complete the acquisition of HKA which makes us one of the largest privately owned advice firms in the region.
“It will be business as usual for both of our clients at HKA and G+E wealth management who will benefit greatly from the combined expertise and knowledge of our teams and provide access to Garbutt + Elliott’s wider accountancy services.”